Prospect Subordinated Notes

Transcription

Prospectus
dated 21 July 2015
UNIQA Insurance Group AG
(a stock corporation incorporated under the laws of the Republic of Austria,
having its corporate domicile in Vienna, Republic of Austria)
For the admission to trading on a regulated market of
EUR 500,000,000 Subordinated Fixed to Floating Rate Notes with
scheduled
maturity in 2046
Issue Price: 100 per cent.
UNIQA Insurance Group AG (the "Issuer") will issue on 27 July 2015 (the "Issue Date") EUR 500,000,000 subordinated
fixed to floating rate Notes with scheduled maturity in 2046 (the "Notes").
The Notes will bear interest from and including the Issue Date to, but excluding 27 July 2026 (the "First Issuer Call Date")
at a rate of 6.00 per cent. per annum scheduled to be paid annually in arrear on 27 July in each year commencing on
27 July 2016. Thereafter, unless previously redeemed in accordance with § 5 of the Terms and Conditions of the Notes (the
"Terms and Conditions"), the Notes will bear interest, at a rate of 5.817 percentage points per annum which includes a stepup of 100 basis points (1.00 percentage point) above the 3-months EURIBOR being the euro-zone inter-bank offered rate for
three-month Euro deposits, scheduled to be paid quarterly in arrear on 27 July, 27 October, 27 January and 27 April in each
year (each a "Floating Interest Payment Date"), commencing on the First Issuer Call Date. Under certain circumstances
described in § 4 of the Terms and Conditions, interest payments on the Notes may be deferred at the option of the Issuer or
will be required to be deferred.
The Notes are scheduled to be redeemed at the Redemption Amount (as defined in the Terms and Conditions) on
27 July 2046 (the "Scheduled Maturity Date"), provided that on such date the Redemption Conditions (as defined in the
Terms and Conditions) are fulfilled. If this is not the case, the Notes will be redeemed only in the circumstances described in
the definition of the term Final Maturity Date (as defined in the Terms and Conditions) on the Final Maturity Date. Under
certain circumstances described in § 5 of the Terms and Conditions, the Notes may be subject to early redemption.
This prospectus (the "Prospectus") constitutes a prospectus within the meaning of Article 5.3 of the Directive 2003/71/EC of
the European Parliament and of the Council of 4 November 2003 as amended from time to time (the "Prospectus
Directive"). This Prospectus will be published in electronic form together with all documents incorporated by reference on
the website of the Issuer (http://www.uniqagroup.com/gruppe/versicherung/investor-relations/anleihen.html).
This
Prospectus has been approved by the Austrian Financial Market Authority (Finanzmarktaufsichtsbehörde, the "FMA") in its
capacity as competent authority under the Austrian Capital Market Act (Kapitalmarktgesetz, the "KMG") for approval of this
Prospectus.
The accuracy of the information contained in this Prospectus does not fall within the scope of examination by the
FMA under applicable Austrian law and the Prospectus Directive 2003/71/EC, as amended. The FMA examines the
Prospectus only in respect of its completeness, coherence and comprehensibility pursuant to section 8a of the KMG.
The Issuer may request the FMA to provide the competent authorities in host Member States within the European Economic
Area with a certificate of approval attesting that this Prospectus has been drawn up in accordance with Article 5.4 Prospectus
Directive and the KMG. Application has been made for the Notes to be listed on and to be admitted to trading on the Second
Regulated Market (Geregelter Freiverkehr) of the Vienna Stock Exchange (Wiener Börse), which is a regulated market for
the purposes of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on Markets in
Financial Instruments, as amended. Standard & Poor's Credit Market Services Europe Limited (Niederlassung Deutschland)
has assigned to the Issuer a long-term rating of A-. A rating is not a recommendation to buy, sell or hold securities and may
be subject to revision, suspension or withdrawal at any time by the assigning rating organisation.
The Notes are issued in bearer form with a denomination of EUR 100,000 each.
The Notes have been assigned the following securities codes: ISIN XS1117293107, Common Code 111729310,
WKN A1Z4M5.
Joint Lead Managers
BNP PARIBAS
J.P. Morgan
Raiffeisen Bank International AG
Morgan Stanley
NOTICE
No person is authorised to give any information or to make any representations other than those contained
in this Prospectus and, if given or made, such information or representations must not be relied upon as
having been authorised by or on behalf of the Issuer or the Joint Lead Managers (as defined in
"SUBSCRIPTION AND SALE OF THE NOTES"). Neither the delivery of this Prospectus nor any
offering or sale of any Notes made hereunder shall, under any circumstances, create any implication that
there has been no change in the affairs of the Issuer or any of its affiliates since the date of this
Prospectus, or that the information herein is correct at any time since its date.
This Prospectus has been drafted according to the Prospectus Directive in respect of debt securities with a
denomination per unit of at least EUR 100,000 within the meaning of the Prospectus Regulation,
implementing Annexes IX and XIII.
This Prospectus contains certain forward-looking statements, in particular statements using the words
"believes", "anticipates" "intends", "expects" or other similar terms. This applies in particular to
statements under the caption "INFORMATION ON THE ISSUER – Business Description" and
statements elsewhere in this Prospectus relating to, among other things, the future financial performance,
plans and expectations regarding developments in the business of the Issuer. These forward-looking
statements are subject to a number of risks, uncertainties, assumptions and other factors that may cause
the actual results, including the financial position and profitability of the Issuer to be materially different
from or worse than those expressed or implied by these forward-looking statements. The Issuer does not
assume any obligation to update such forward-looking statements and to adapt them to future events or
developments.
This Prospectus should be read and understood in conjunction with any supplement hereto and with any
other documents incorporated herein by reference.
To the fullest extent permitted by law, neither the Joint Lead Managers nor any other person mentioned in
this Prospectus, except for the Issuer, is responsible for the information contained in this Prospectus or
any other document incorporated herein by reference, and accordingly, and to the extent permitted by the
laws of any relevant jurisdiction, none of these persons accepts any responsibility for the accuracy and
completeness of the information contained in any of these documents. The Joint Lead Managers have not
independently verified any such information and accept no responsibility for the accuracy thereof.
Each investor contemplating purchasing any Notes should make its own independent investigation of the
financial condition and affairs, and its own appraisal of the creditworthiness of the Issuer. This Prospectus
does not constitute an offer of Notes or an invitation by or on behalf of the Issuer or the Joint Lead
Managers to purchase any Notes. Neither this Prospectus nor any other information supplied in
connection with the Notes should be considered as a recommendation by the Issuer or the Joint Lead
Managers to a recipient hereof and thereof that such recipient should purchase any Notes.
This Prospectus does not constitute, and may not be used for the purposes of, an offer or solicitation by
anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it
is unlawful to make such offer or solicitation.
The offer, sale and delivery of the Notes and the distribution of this Prospectus in certain jurisdictions are
restricted by law. Persons into whose possession this Prospectus comes are required by the Issuer and the
Joint Lead Managers to inform themselves about and to observe any such restrictions. In particular, the
Notes have not been and will not be registered under the United States Securities Act of 1933, as amended
(the "Securities Act") and are subject to U.S. tax law requirements. Subject to certain limited exceptions,
the Notes may not be offered, sold or delivered within the United States of America ("United States") or
to U.S. persons. For a further description of certain restrictions on offerings and sales of the Notes and
distribution of this Prospectus (or of any part thereof) see "SELLING RESTRICTIONS":
IN CONNECTION WITH THE ISSUE OF THE NOTES, J.P. MORGAN SECURITIES PLC (OR
PERSONS ACTING ON ITS BEHALF) MAY OVER-ALLOT NOTES OR EFFECT
TRANSACTIONS WITH A VIEW TO SUPPORTING THE PRICE OF THE NOTES AT A
LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE PREVAIL. HOWEVER,
THERE IS NO ASSURANCE THAT J.P. MORGAN SECURITIES PLC (OR PERSONS ACTING
ON ITS BEHALF) WILL UNDERTAKE STABILISATION ACTION. ANY STABILISATION
ACTION MAY BEGIN AT ANY TIME AFTER THE ADEQUATE PUBLIC DISCLOSURE OF
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THE TERMS OF THE OFFER OF THE NOTES AND, IF BEGUN, MAY BE ENDED AT ANY
TIME, BUT IT MUST END NO LATER THAN THE EARLIER OF 30 CALENDAR DAYS
AFTER THE DATE OF THE RECEIPT OF THE PROCEEDS OF THE ISSUE BY THE ISSUER
AND 60 CALENDAR DAYS AFTER THE DATE OF THE ALLOTMENT OF THE NOTES.
SUCH STABILISING SHALL BE IN COMPLIANCE WITH ALL LAWS, DIRECTIVES,
REGULATIONS AND RULES OF ANY RELEVANT JURISDICTION.
In this Prospectus all references to "€", "EUR" or "Euro" are to the currency introduced at the start of the
third stage of the European economic and monetary union, and as defined in Article 2 of Council
Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the Euro, as amended.
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CONTENTS
NOTICE ...................................................................................................................................................... II
RISK FACTORS ..................................................................................................................................... - 1 Risks related to UNIQA Group's business and the company ....................................................... - 1 UNIQA's Risks related to the market and competition .............................................................. - 12 UNIQA's Risks related to the environment ................................................................................ - 16 UNIQA's Risks related to regulatory and (other) legal matters .................................................. - 16 Risks relating to the Notes ......................................................................................................... - 24 INFORMATION ON THE ISSUER ..................................................................................................... - 34 Formation, registered office and duration .................................................................................. - 34 Financial year ............................................................................................................................. - 34 Corporate object of the Issuer .................................................................................................... - 34 Auditors ...................................................................................................................................... - 34 Business Description .................................................................................................................. - 34 Major Subsidiaries and Organisational Structure ....................................................................... - 39 Risk Management....................................................................................................................... - 40 Litigation and proceedings ......................................................................................................... - 40 Solvency II and Own Funds ....................................................................................................... - 41 Investment Strategy and Principal Investments ......................................................................... - 41 Material Contracts ...................................................................................................................... - 42 Management and Administrative Bodies of the Issuer ............................................................... - 42 Share Capital and Dividends ...................................................................................................... - 47 Major Shareholders .................................................................................................................... - 48 Recent Developments, Outlook, Trends and Significant Changes in the Financial or Trading
Position....................................................................................................................................... - 48 Selected Consolidated Financial Information for the Financial Years Ending 31 December 2014
and 31 December 2013............................................................................................................... - 48 Selected Consolidated Financial Information for the First Quarter of 2015 .............................. - 52 Historical Financial Information ................................................................................................ - 53 TERMS AND CONDITIONS ............................................................................................................... - 54 DESCRIPTION OF RULES REGARDING RESOLUTIONS OF HOLDERS ................................... - 88 TAXATION .......................................................................................................................................... - 90 Austria ........................................................................................................................................ - 90 SUBSCRIPTION AND SALE OF THE NOTES ................................................................................. - 94 SELLING RESTRICTIONS ................................................................................................................. - 95 General ....................................................................................................................................... - 95 United States of America ........................................................................................................... - 95 United Kingdom ......................................................................................................................... - 95 GENERAL INFORMATION / INCORPORATION BY REFERENCE .............................................. - 96 Authorisation and Issue Date ..................................................................................................... - 96 Clearing and Settlement ............................................................................................................. - 96 Listing and admission to trading ................................................................................................ - 96 Use of Proceeds .......................................................................................................................... - 96 Ratings and yield ........................................................................................................................ - 96 Third party information .............................................................................................................. - 96 Documents on Display ............................................................................................................... - 97 INCORPORATION BY REFERENCE ................................................................................................ - 98 RESPONSIBILITY STATEMENT OF UNIQA INSURANCE GROUP AG ................................... - 100 NAMES AND ADDRESSES .............................................................................................................. - 101 -
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RISK FACTORS
Before deciding to invest in the Notes, investors should carefully review and consider the following risk factors and the
other information contained in this Prospectus. The following statements are not exhaustive. Should one or more of the
risks described below materialise, this may have a material adverse effect on the cash flows, results of operations and
financial condition of the Issuer. Moreover, if any of these risks materialises, the market value of the Notes and the
likelihood that the Issuer will be in a position to fulfil its payment obligations under the Notes may decrease, in which
case the Noteholders could lose all or part of their investments. Investors should note that the risks discussed below
may not prove to be exhaustive and, therefore, may not be the only risks to which the Issuer is exposed. Additional risks
and uncertainties, which are currently not known to the Issuer or which the Issuer currently believes are immaterial,
could likewise impair the business operations of the Issuer and have a material adverse effect on the Issuer's business,
cash flows, results of operations and its financial condition. The order in which the risks are presented does not reflect
the likelihood of their occurrence or the magnitude of their potential impact on the cash flows, results of operations and
financial condition of the Issuer. In addition, investors should be aware that the risks described might combine and thus
intensify one another.
Risks related to UNIQA Group's business and the company
Sustained low interest rates or further decreases in interest rates could adversely affect UNIQA Group's ability to
generate the investment income upon which it relies to pay amounts owed under insurance policies.
Interest rate risks generally originate from movements of prevailing interest rates and a mismatch in the duration of
assets and liabilities. Interest rates are highly sensitive to many factors beyond the control of UNIQA Group, such as
economic developments, inflation rates, monetary and interest rate policies of central banks, government tax and fiscal
policies, the credit rating of countries as well as currency exchange rates. The low interest rates that have prevailed in
international markets in recent years have made it increasingly difficult for UNIQA Group in the life insurance segment
to generate the guaranteed interest agreed under life insurance contracts. In both existing and new business UNIQA
Group generally invests life insurance premiums in interest bearing instruments such as notes or loans, and, to a lesser
extent, in equity securities and alternative investments. Consequently, a sustained continuation of the current low
interest rate environment or a further decrease in interest rates represents one of UNIQA Group's most significant
financial risks. Where interest rate fluctuations cause a decline in UNIQA Group's return on investments below the
guaranteed interest rates under these policies, such policies would become unprofitable for UNIQA Group. Given the
sustained low interest level, it is likely that this will have a material adverse effect on UNIQA Group's business,
financial condition and results of operations in the near future.
Significant measures taken by UNIQA Group within the defined life strategy have been to focus on implementing the
asset liability management ("ALM") approach including stringent management rules (e.g. regarding the management of
profit sharing) and to provide continuous portfolio management.
One specific issue is the question of requirements (which vary from country to country) to recognise supplementary
discount rate provisions, i.e. requirements to set aside special provisions in the respective local accounting if interest
rates are low. As at 31 December 2014, UNIQA had set aside a provision in the amount of € 34.1 mn in its Austrian
companies because there is a statutory requirement in Austria to recognise this special provision. As the supplementary
discount rate provision is to be built up over a period of 10 years in Austria, corresponding expenses are to be expected
(in local accounting) over the coming years. This special provision in the local accounting is to be seen alongside the
liability adequacy test ("LAT") to check whether the provisions in the IFRS financial statements are adequate.
Depending on the interest rate situation and the resulting planning of investment income, there is a fundamental risk of
potential future provision requirements as a consequence of the LAT. This could have material adverse effects on
UNIQA's financial condition and may affect its ability to fulfil its obligations under the Notes.
UNIQA Group is subject to substantial general market risks, in particular to fluctuations in interest and inflation
rates, which may adversely affect the value of its investment portfolio and financial condition.
UNIQA Group's assets consist mainly of investments made using funds from premiums received under insurance
contracts and these investments are subject to substantial general market risks, in particular to fluctuations in interest
and inflation rates.
Changes in interest rates and credit spreads affect the carrying value of UNIQA Group's fixed-rate instruments and
returns on its fixed-rate instruments and other investments. A decline in interest rates reduces the returns available on
new investments, thereby negatively impacting UNIQA Group's net investment income. Conversely, rising interest rates
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reduce the market value of existing investments. During periods of declining market interest rates, UNIQA Group
would be forced to reinvest the cash it receives as interest or return of principal on its investments in lower-yielding
high-grade instruments or in lower-credit instruments to maintain comparable returns. Issuers of fixed income securities
could also decide to early redeem their obligations in order to borrow at lower market rates, which would increase the
percentage of UNIQA Group's portfolio that it would have to reinvest in lower-yielding investments of comparable
credit quality or in lower credit quality investments offering similar yields.
In addition, any increase in market interest rates could require UNIQA Group to pay higher interest rates on debt
securities it may issue in the financial markets from time to time to finance operations, which would increase its interest
expenses and reduce its results of operations. An increase in market interest rates could also create a significant
collateral posting requirement associated with UNIQA Group's hedging transactions, which could materially and
adversely affect liquidity.
Also, a sustained increase in the inflation rate in UNIQA Group's principal markets may negatively affect UNIQA
Group's business, financial condition and results of operations. For example, a sustained increase in the inflation rate
may result in an increase in nominal market interest rates. A failure to accurately anticipate higher inflation and factor it
into UNIQA Group's product pricing assumptions may result in mispricing of UNIQA Group's products.
The occurrence of any of the risks set out above could have a material adverse effect on UNIQA Group's business,
financial condition and results of operations.
Actual results could deviate from actuarial and other assumptions made in calculating tariffs, technical provisions,
reserves for outstanding claims, embedded value and contracts with guaranteed interest rates.
UNIQA Group's economic development depends in part on its ability to accurately assess the risks associated with the
businesses and individuals that it insures. The assumptions UNIQA Group uses in assessing the appropriateness of its
technical provisions and in calculating the embedded value in its life and health insurance segments may differ from
actual results. UNIQA Group calculates its tariffs, technical provisions, reserves for outstanding claims and embedded
value based on actuarial and statistical methods and assumptions. These assumptions include estimates of long-term
developments in interest rates, financial investment yields, participations in profits, mortality and morbidity rates,
surrender and annuity take-up rates as well as future expense rates. Changes in these assumptions or incorrect
assumptions could adversely affect the embedded value and may require UNIQA Group to increase technical provisions
for its life and health insurance business and provisions for pension obligations at the expense of equity capital, which
could have a material adverse effect on UNIQA Group's business, financial condition and results of operations.
The Core Shareholders may exercise significant influence over UNIQA, and their interests may be inconsistent with
the interests of UNIQA Group or other shareholders. In particular, they may be able to out-vote other shareholders
on key issues.
As of the date of this Prospectus, the Core Shareholders held in the aggregate 64,29% of UNIQA's issued share capital
and voting stock. The Core Shareholders have entered into a shareholders' agreement, which provides that the Core
Shareholders will exercise joint control over UNIQA, including the election of directors, pooled voting at any
shareholders' meeting and mutual rights of first refusal.
The Core Shareholders are able to exercise significant influence with respect to major decisions by UNIQA, including
amendments to the articles of association, increases of UNIQA's share capital and the issuance of convertible bonds,
profit participation bonds and profit sharing instruments, exclusion of subscription rights of existing shareholders,
appointments to the supervisory board, approval of UNIQA's annual financial statements, resolutions regarding the
appropriation of UNIQA's net income and appointment of UNIQA's auditor, changing the corporate purpose, mergers,
spin-offs and conversions to a different form of legal entity. Furthermore, the Core Shareholders are able to influence
UNIQA's dividend policy and therefore are able to decide whether or not dividends will be distributed to shareholders
in any given year. The Core Shareholders are able to pass resolutions requiring a simple majority of votes cast or of the
share capital represented in the shareholders' meeting. Due to the Core Shareholders' controlling influence, UNIQA's
other shareholders possess limited voting rights and cannot have the power to influence UNIQA and UNIQA Group in
any meaningful way. The Core Shareholders do not necessarily pursue the same interests as other shareholders. In
particular, there is no assurance that the Core Shareholders will align their voting behaviour with the interests of other
shareholders. If the Core Shareholders, through their votes at the shareholders' meetings or otherwise, were to exert
influence on UNIQA in such a way as to conflict with the interests of UNIQA Group or the Noteholders, this could
have a significant adverse effect on the Noteholders and the price of the Notes.
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As part of its long-term strategy, UNIQA Group implemented a significant corporate restructuring and integration
program. Due to the risk of being unable to manage the level of change efficiently UNIQA Group may not reach its
2015 profit targets.
Within the scope of its long-term strategy (the "UNIQA 2.0 Programme"), UNIQA Group has since 2011 been
undergoing a number of significant restructuring measures, which aim, among others, at concentrating UNIQA Group's
operations on its core insurance business in its core markets in Austria and Central and Eastern Europe ("CEE"),
optimizing the distribution network, raising the number of customers and increasing UNIQA Group's profit on ordinary
activities.
The restructuring measures include profitability and cost efficiency initiatives and relate mainly to back-office
headcount reduction, improvement of efficiency of systems and operations, including restructuring of its Austrian
insurance operations, reorganization of its regional offices and setup of central service centres, enhancement of its
bancassurance relationship with the Raiffeisen banking group and Raiffeisen Bank International AG, expansion of the
corporate insurance business and investment restructuring, including risk capital and exposure reduction. These
restructuring measures pose several risks to UNIQA Group's operations, including, in particular, to UNIQA Group's
information technology systems due to migration of UNIQA Group's databases, optimization and standardization of
claims handling, and the development of a data management system to calculate and manage group-wide solvency and
risk based key performance indicators. These changes may result in a weakening of UNIQA Group's frameworks of
control, compliance and risk management, data may be lost or service quality compromised, specifically in the instance
of application backlogs and delays in disbursement in claims handling. In addition, the relocation of a large number of
staff and headcount reduction in connection with the restructuring program may subject UNIQA Group to labour
disputes and collective action. Restructuring costs may be higher than anticipated and other run-rate costs may increase,
such as additional tax payments as a result of the restructuring. UNIQA Group must also continue to implement
profitability initiatives to achieve additional cost savings in future periods. The successful implementation of UNIQA
Group's restructuring program, strategy and its profitability further depends upon the continued service of key members
of its senior management and key employees, and on its ability to attract, motivate and retain highly skilled
management and other personnel, including actuaries, portfolio and liability managers, risk managers and executive
officers. Competition for qualified, motivated and skilled personnel in the insurance and asset management industries
remains significant. If UNIQA Group is unable to attract, motivate and retain key personnel, its prospects, business,
financial condition and results of operations may be materially adversely affected.
Due to possible further economic disruptions, UNIQA Group may not reach its 2015 profit targets
In November 2014, UNIQA Group significantly reduced the outlook on 2015 profit targets, caused by significantly
reduced growth in CEE and continuing and further decreasing low interest rates. There can be no assurance that UNIQA
Group will be able to achieve its financial and operational targets under the UNIQA 2.0 program within the intended
timeframe or at all. UNIQA Group may experience unexpected impediments, delays or cost increases that offset the
savings that it expects to achieve. In particular, there can be no assurance that UNIQA Group will be able to increase
considerably its profit on ordinary activities. More generally, if UNIQA Group is unable to successfully implement its
UNIQA 2.0 Programme or to implement it within the contemplated timeframe, this could lead to higher operating
expenses and could overall have a material adverse effect on UNIQA Group's prospects, business, financial condition
and results of operations.
UNIQA Group's historical operating and financial results are not indicative of future operating and financial results
of UNIQA Group.
The financial information discussed in this Prospectus and the Consolidated Financial Statements relate to UNIQA
Group's past performance. UNIQA Group's future development could deviate significantly and adversely from past
results due to a number of internal and external factors. UNIQA Group's historical operating and financial results cannot
be treated as indicative of its future operating and financial results.
UNIQA Group's efforts to expand geographically or to expand its existing products and services portfolio may not be
effective.
UNIQA Group's growth strategy relies heavily on CEE and UNIQA Group has dedicated considerable financial,
management and other resources to increase its market position in this region. UNIQA Group seeks to increase its
geographic expansion by, among other things, focusing on operations in countries that management believes offer good
growth prospects, including through acquisitions and strengthening its bancassurance relationships and its sales
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network. As part of its growth strategy, UNIQA Group has established a number of subsidiaries and acquired various
participations in CEE. In order to manage potential growth of UNIQA Group's future operations, UNIQA Group will be
required to improve its information technology ("IT") systems, operational and financial systems, risk management
procedures and controls, and to hire, train and manage its internal and external sales force. If UNIQA Group's financial,
management and other resources (e.g. personnel, IT systems, internal procedures and controls) are not adequate to
support its intended future expansion, UNIQA Group may not be able to take advantage of market opportunities in other
geographic markets (if any). In addition, UNIQA Group may be unable to maintain the required licenses in order to
operate in the geographic regions targeted. If UNIQA Group fails to realize its strategy for geographic expansion, this
could have a material adverse effect on UNIQA Group's prospects, business, financial condition and results of
operations.
Further, UNIQA Group intends to implement various initiatives to improve pricing within its existing portfolio,
especially in the property and casualty business for corporate customers, facility managers and for agricultural
insurance. To that end, UNIQA Group has implemented a standardized product development process, in order to obtain
better estimates of profitability for various business lines. UNIQA Group also intends to further segment its portfolio
based on historical loss experience, which will result in an increase in the amount of tariffs applying to policyholders
grouped into different risk classes. In addition, UNIQA Group intends to review and adapt vehicle insurance tariffs on
an annual basis and to set new discount rules for brokers, especially in property insurance in the corporate business. If
UNIQA Group is unable to effectively implement these measures, it may have a material adverse effect on its business,
UNIQA Group's business depends on bancassurance partnerships for a substantial portion of its revenues.
UNIQA Group derives a substantial portion of its gross premiums written from bancassurance partnerships. UNIQA
Group's most important bancassurance partners are the Raiffeisen banking group (which includes Raiffeisen Bank
International AG) with which UNIQA Group currently cooperates to sell insurance products in Austria and CEE, and
Veneto Banca S.c.p.A., UNIQA Group's cooperation partner for selling life insurance products in Italy.
In Austria, Raiffeisen Versicherung AG sells its products exclusively through the Raiffeisen banking group. With effect
of 1 January 2013, Raiffeisen Versicherung AG (and FINANCE LIFE Lebensversicherung AG) entered into
cooperation agreements with the eight regional Raiffeisen banks (Raiffeisen Landesbanken) which, amongst others,
provide that the regional Raiffeisen banks will actively assist only Raiffeisen Versicherung AG as provider of retail
insurance products and will not actively cooperate with brokers in the retail sector or act as brokers themselves. The
cooperation agreements are concluded at the level of the eight regional Raiffeisen banks and not at the level of the
individual Raiffeisen banks, which ultimately sell the insurance policies in Austria but which are not parties to the
cooperation agreements. Similarly, with effect of 5 June 2013, Raiffeisen Bank International AG and UNIQA
International AG, UNIQA Group's holding company for its non-Austrian insurance operations, entered into a
framework agreement regarding a preferred (non-exclusive) strategic bancassurance partnership in CEE. This
framework agreement formalizes the mutual bancassurance cooperation between UNIQA Group and Raiffeisen Bank
International AG in CEE which, until June 2013, was based on a preferred partnership and local product related
agreements. Again, the framework agreement is concluded at the level of Raiffeisen Bank International AG but not at
the level of the individual Raiffeisen local entities which ultimately sell the insurance policies in CEE. Therefore, if
individual local Raiffeisen banks conduct business with insurance companies other than UNIQA Group or if they
otherwise do not conduct business as provided for in the cooperation/framework agreement(s), this may adversely affect
UNIQA Group's business, results of operations and financial condition.
The Italian life insurance business is strongly linked to the bancassurance partnership with Veneto Banca S.c.p.A.
Further restructuring and consolidation of the Italian banking sector, might lead in a specific scenario to a change in the
ownership structure of Veneto Banca S.c.p.A. which may result in changes in UNIQA's partnership with Veneto Banca
S.c.p.A. and thus, to a significant loss of business volume for UNIQA.
Changing circumstances and strategic needs could cause a withdrawal from CEE markets of the associated distribution
partners. In February 2015, Raiffeisen Bank International AG announced its intention to withdraw from the Polish and
Slovenian markets. Accordingly, for UNIQA Group, there remains the issue of the subsequent strategic direction of
bancassurance sales in these markets.
Generally, if bancassurance partners were to terminate their relationships with UNIQA Group, if terms and conditions
of such cooperation were to change to UNIQA Group's detriment, or if UNIQA Group generally fails to agree on
acceptable terms of cooperation with any of its partners, it may lose all or a substantial portion of business provided by
any such partner. All this could result in a loss of market share and a reduction of UNIQA Group's sales volumes,
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resulting in reduced premium income, which, in turn, could have a material adverse effect on UNIQA Group's business,
UNIQA Group depends on external distribution channels and the misrepresentation of UNIQA Group's products or
services could have an adverse effect on UNIQA Group's revenues and income.
Many of UNIQA Group's products and services are complex and are frequently sold through intermediaries, and
UNIQA Group is reliant on intermediaries to describe and explain its products to potential customers. The intentional or
unintentional misrepresentation of UNIQA Group's products and services in advertising materials or other external
communications, or inappropriate activities by UNIQA Group's personnel or an intermediary, could adversely affect
UNIQA Group's reputation and business prospects, as well as lead to potential regulatory actions or litigation.
UNIQA Group is dependent on its exclusive sales agents, brokers, bancassurance partners and other distributors of its
products. Building and maintaining an efficient distribution network across the region is instrumental to UNIQA
Group's future performance, especially in its international business, where sales are primarily generated by brokers and
exclusive sales agents. UNIQA Group's relationships with its various third-party distributors may be adversely affected
by an inability to offer attractive and competitive products. Non-exclusive product distributors used by UNIQA Group,
such as brokers, can determine which insurance company's products they offer by assessing a variety of factors, such as
the characteristics and price of products, services provided, or the sale commission. An unsatisfactory assessment of
UNIQA Group and its products based on any of these factors by such intermediaries could result in both UNIQA Group
and its products not being actively marketed. UNIQA Group competes with other insurers and financial institutions to
attract and retain commercial relationships with third-party distributors, especially exclusive sales agents. Exclusive
sales agents may decide to leave or start cooperating with other insurance companies, ending their relationship with
UNIQA Group or changing the cooperation with UNIQA Group to a non-exclusive one. If UNIQA Group's
relationships with key distributors deteriorate, it may be unable to secure alternative, equally cost-effective distribution
channels, which may have a material adverse effect on UNIQA Group's prospects, business, financial condition and
results of operations.
The growing importance of the internet and social media is likely to have an impact on the distribution of insurance
policies and it is uncertain that UNIQA Group is able to adequately adapt to the changing business environment.
Traditionally, insurance products have been distributed through intermediaries in face-to-face transactions. However,
the increasing use of the internet, smart phones and social media is currently changing the way how customers and
insurance companies interact. When purchasing insurance products, a growing number of customers moves between
different distribution channels. For instance, customers generally use the internet to gather information about the
products and seek personal advice when purchasing the policy itself. For the acquisition and the retention of such socalled "hybrid customers", sales agents play a much less important role compared to the traditional customer. Moreover,
it is expected that internet-savvy customers will increasingly ask for direct sales of insurance products via the internet,
i.e. without the use of an intermediary. These new market trends are likely to have a significant effect on the distribution
of insurance products in the future. If UNIQA Group fails to adapt its business strategy to the changing environment in
an adequate way, this may have a material adverse effect on UNIQA Group's prospects, business, financial condition
and results of operations.
UNIQA Group's actual claims experience, underwriting assumptions and pricing may not reflect its risk exposure,
and its claims provisions may not be adequate to cover actual claims.
UNIQA Group's results depend significantly on whether its claims experience is consistent with the assumptions it has
used in underwriting, setting prices for its products and establishing provisions for its obligations for future claims.
These assumptions include estimates of long-term developments in interest rates, financial investment yields,
participations in profits, mortality and morbidity rates, surrender and annuity take-up rates as well as future expense
rates. Due to the nature and uncertain timing of the risks that UNIQA Group incurs in underwriting insurance products,
it cannot precisely determine the amounts that it will ultimately pay to meet liabilities covered by the insurance policies
written. The underlying assumptions could turn out to be incorrect, and therefore UNIQA Group's claims provisions
may prove to be inadequate to cover actual claims, particularly when payments of claims may not occur for a significant
period. If UNIQA Group concludes that its technical provisions, together with future premiums, are insufficient to cover
future claims, UNIQA Group would be required to increase its technical provisions, resulting in the incurrence of
income statement charges during the period that decision is made, which could materially and adversely affect UNIQA
Group's results of operations and financial condition.
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In accordance with industry practice as well as accounting and regulatory requirements, UNIQA Group maintains
provisions to cover anticipated future claims payments and related administrative expenses with respect to losses or
injuries incurred but not fully settled at the end of any year. These include both losses and injuries that have been
reported to the Issuer (reported but not settled – "RBNS") and those that have not yet been reported (incurred but not
reported – "IBNR"). Claims provisions represent estimates of the ultimate cost, including related expenses, to bring all
pending and incurred, but not reported, claims to final settlement. These estimates are based on actuarial and statistical
projections and assumptions, including the time required to identify and settle claims, facts and circumstances known at
a given time, as well as estimates of trends in claims severity. The estimates are also based on other variable factors,
including changes in the legal and regulatory environment, results of litigation, changes in medical costs, the cost of
repairs and replacement, and general economic conditions. If UNIQA Group charges premiums that are insufficient for
the cover provided, it will suffer underwriting losses, leading to volatility in earnings and unpredictable results. To the
extent that UNIQA Group's actual claims experience is less favourable than the underlying assumptions it used in
establishing such liabilities, it could be required to increase the provisions made for its liabilities with a corresponding
reduction of UNIQA Group's net income in the period in which the deficiency is identified, which could result in losses.
If these risks materialize, UNIQA Group's business, financial condition and results of operations may be adversely
affected.
UNIQA Group may be adversely affected by third party reinsurers' unwillingness or inability to meet their
obligations under reinsurance contracts, or potential variations and reductions in the nature and scope of cover or
in-creased cost of reinsurance.
UNIQA Group seeks to reduce losses through reinsurance arrangements with third parties. As a result, UNIQA Group
has substantial exposure to reinsurers through reinsurance arrangements in relation to UNIQA Group's life companies as
well as its general insurance business. Under these arrangements, reinsurers assume all or a portion of the costs, losses
and expenses associated with the reinsured policies' claims and reported / unreported losses in exchange for a premium,
or as part of a sale arrangement. However, the reinsured party remains liable as direct insurer (or reinsurer) on all risks
reinsured (or retroceded). Consequently, ceded reinsurance arrangements do not eliminate UNIQA Group's obligation to
pay claims, and UNIQA Group is exposed to reinsurer credit risk with respect to its ability to recover amounts due from
reinsurers. Reinsurers may become financially unsound, or choose to dispute their contractual obligations when they
become due. The inability or failure of reinsurers to meet their financial obligations could adversely affect UNIQA
Group's business, results of operations and financial position. Furthermore, the availability, amount and cost of
reinsurance depend on general market conditions and may vary significantly. Any decrease in the amount of reinsurance
cover purchased may increase UNIQA Group's risk of loss. Should any of these risks materialize, they may have a
material adverse effect on UNIQA Group's business, financial condition and results of operations.
UNIQA Group may not be able to complete and manage future acquisitions effectively.
UNIQA Group may conclude acquisitions of companies in countries in which it currently operates. There is no
guarantee that UNIQA Group will be able to identify attractive targets or that it will be able to acquire them on
favourable terms or at all. In addition, the integration of acquired businesses may be difficult for a variety of reasons,
including differing culture or management styles, accounting deficiencies, risk management or internal control systems
and, if UNIQA Group acquires a minority stake, difficulty in establishing immediate control over cash flows. In 2014,
UNIQA Group has acquired the Croatian and the Serbian insurances undertakings of Baloise Group. If UNIQA Group
is unable to integrate acquisitions, it may be unable to generate sufficient revenues to re-cover acquisition costs or may
otherwise fail to realize benefits from acquisitions, such as synergies and cost savings, streamlining of the product
offering and the underwriting strategy, consolidation of reinsurance purchase or the increase of market share.
Significant issues with the integration of a newly acquired entity might lead to regulatory fines or orders given the high
level of regulatory scrutiny in the insurance industry. Acquisitions also require significant management attention as well
as financial and other resources that would otherwise be available for UNIQA Group's existing business. Should
UNIQA Group be unable to pursue its strategy to the extent planned as a result of these or other factors, it may have a
material adverse effect on UNIQA Group's market position and in turn on its business, financial condition and results of
operations.
UNIQA Group could be subject to liabilities in connection with sales and divestitures.
In recent years, UNIQA Group sold non-core businesses, including, in 2011, its entire participation of 27% in Astra, in
2012 its shareholdings in the Mannheimer Group, in 2013, the Austria Hotels International Group, UNIQA Group's
hotel investments, as well as its shareholding in Medicur – Holding Gesellschaft m.b.H., UNIQA Group's media
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investments (including related notes and profit participation rights (Genussrechte)) and in 2015 UNIQA Group's life
insurance business in Liechtenstein. UNIQA Group gave representations and warranties and other covenants to the
purchasers in the respective transaction documentation. If representations and warranties or other covenants are
breached, UNIQA Group's resulting liability to the relevant purchaser(s) could materially and adversely affect its
business, financial condition and results of operations.
UNIQA Group is exposed to operational risk.
UNIQA Group is exposed to operational risk, which is the risk of losses through inadequate or failed processes or
systems, human error or external events. In particular, UNIQA Group's policies, systems, procedures and practices used
to identify, monitor and control risks, may fail to be effective. As a result, UNIQA Group faces the risk of losses,
including losses resulting from human error, the payment of incorrect amounts to policyholders due to incorrect
administration, or fraudulent claims from customers. UNIQA Group's risk management methods rely on a combination
of technical and human controls and supervision that can be subject to error and failure. Some of UNIQA Group's
methods of managing risk are based on internally developed controls and observed historical market behaviour and
involve reliance on industry standard practices. These methods may not adequately predict future risk exposure and may
therefore not adequately prevent future losses. Other risk management methods depend upon the evaluation of
information regarding markets, clients, catastrophe occurrence or other available information. This information may not
always be accurate, complete, up-to-date or properly evaluated. UNIQA Group is in the process of updating its internal
procedures by establishing a newly integrated risk management culture, organization, policies and systems. Even if this
process is successfully completed within UNIQA Group, UNIQA Group may be unable to sufficiently forecast or
prevent major operational risks, such as business disruption caused, for instance, by catastrophic events. Any resulting
failure in UNIQA Group's risk management systems, temporary or permanent business disruption, or insurance fraud
may have a material adverse effect on UNIQA Group's business, financial condition and results of operations.
UNIQA Group may not be able to develop and launch new products in a timely manner or at all, and its products
may not be successful.
UNIQA Group expects to continue dedicating significant amounts of time, capital and other resources to develop
products that are subject to constantly changing consumer expectations and needs. UNIQA Group cannot ensure that it
will continue to be able to launch new products in a timely manner or at all. Furthermore, new products may not be
popular with customers or may not adequately reflect local peculiarities of certain markets. In addition, UNIQA Group
may not be successful with its strategy of simplifying its products for retail customers and its strategy to modernize its
product portfolio. If UNIQA Group's development efforts do not result in efficient products, if UNIQA Group fails to
meet the expectations and preferences of its customers and keep pace with market trends, or if UNIQA Group fails to
successfully implement its strategy to simplify its products and modernize its product portfolio, this could have a
material adverse effect on UNIQA Group's business, financial condition and results of operations.
UNIQA Group depends on advanced information technology systems.
The integrity, reliability and operational performance of UNIQA Group's IT systems are critical to UNIQA Group's
operations. UNIQA Group relies on IT systems, in particular for purposes of servicing customers, handling claims,
control and quality assurance of its distribution network, recording new business, sales volumes and distribution,
monitoring UNIQA Group's investment activities, maintaining its accounting systems and for risk management
purposes. Failure of UNIQA Group's IT systems, including the unsuccessful implementation of standardized processes,
inadequate data protection, loss of data and hard- or software malfunction, could lead to difficulties in efficient
customer service and claims processing, less effective controlling of distribution partners, and accounting or risk
management failures. Business continuity procedures, disaster recovery systems and security measures in the event of
network or IT failure or disruption, protective measures to detect intrusion or other security breaches (such as sabotage,
hackers, viruses, cyber-crime and fraudulent activities on UNIQA Group's systems) may not ensure that UNIQA Group
is able to carry on its business if its IT systems fail or are disrupted. Any failure of UNIQA Group's IT infrastructure,
systems or protections may require UNIQA Group to divert substantial engineering, financial and marketing resources
from other areas to rectify such problems. Deficiencies in UNIQA Group's IT systems may further cause direct or
indirect damages or losses and may lead to significant costs and disruptions that may harm the quality of UNIQA
Group's products and services and its reputation. All of these factors may have a material adverse effect on its business,
-7-
In answer to the above mentioned risks, UNIQA Group has identified the need to investment in the renewal of its IT
infrastructure and systems. In order to maintain the proper operation of its business and in response to changing
customer and market expectations, UNIQA Group is faced in numerous instances with the transition to the next
generation of IT systems. If UNIQA Group fails in renewing its IT infrastructure and systems, this could have material
adverse effects on its business, financial condition and results of operations.
Risks related to criminal behaviour, especially insurance fraud, could result in damages to UNIQA Group.
As an international insurance group, UNIQA Group is exposed to the risk of damages as a result of criminal behaviour,
in particular fraudulent claims by policyholders or distribution partners. In order to detect fraudulent activities and other
criminal behaviour, UNIQA Group in particular has to rely on its employees to adhere to its compliance and risk
policies. UNIQA Group faces the risk of loss due to errors, negligent behaviour, lack of knowledge, fraud or wilful
violation of rules and regulations by its employees. Given the scale of UNIQA Group's activities and the large number
of customers, distribution partners and employees, UNIQA Group might be unable to detect such misconduct and
prevent fraudulent activity, and precautions taken by UNIQA Group may therefore not be effective. This could have
material adverse effects on UNIQA Group's business, financial condition and results of operations.
UNIQA Group is exposed to reputational risk, and in particular any failure to protect the confidentiality of customer
information could adversely affect UNIQA Group's reputation.
UNIQA Group's operations depend on it displaying a high level of integrity and obtaining the trust and the confidence
of its customers. Any mismanagement, fraud or negative publicity resulting from UNIQA Group's activities, or any
accusation by a third party in relation to UNIQA Group's activities, even if unfounded, or to the industry generally,
could result in UNIQA Group losing current policyholders, subject UNIQA Group to closer scrutiny from regulators
than would otherwise be the case, increase UNIQA Group's cost of borrowing, including in debt capital markets
transactions, or adversely affect UNIQA Group's ability to obtain reinsurance or to obtain reasonable pricing on
reinsurance. In addition, reputational risks affecting one of the Issuers' consolidated subsidiaries (each a "Group
Company" and, together, the "Group Companies") may impact another Group Company solely based on UNIQA
Group relationship between the two entities. Further, if, for any reason, any of UNIQA Group's business partners
suffers reputational damage, this could also negatively impact UNIQA Group's image and subsequently lead to losses of
customers and market share.
UNIQA Group's businesses and relationships with customers are dependent upon its ability to maintain the
confidentiality of its own and its customers’ trade secrets and confidential information (including customer transactional
data and personal data about UNIQA Group's employees and customers). In most of the jurisdictions in which UNIQA
Group operates, governments have established rules protecting the privacy and security of personal information. Certain
of UNIQA Group's employees and contractors and many sales representatives of UNIQA Group's intermediaries have
access to and routinely process personal information of customers through a variety of media, including the internet and
software applications. UNIQA Group relies on various internal processes and controls to protect the confidentiality of
customer information that is accessible to, or in the possession of, UNIQA Group's employees, contractors and sales
representatives. It is possible that an employee, contractor or sales representative could, intentionally or unintentionally,
disclose or misappropriate confidential customer information. If UNIQA Group fails to maintain adequate internal
controls or if its employees, contractors or sales representatives fail to comply with UNIQA Group's policies and
procedures, misappropriation or intentional or unintentional inappropriate disclosure or misuse of customer information
could occur. Such internal control inadequacies or non-compliance could materially damage UNIQA Group's
reputation, result in regulatory action or lead to civil or criminal penalties.
Any of the above could lead to a negative perception of UNIQA Group by customers, business partners, supervisors or
shareholders. If any of these circumstances were to occur, they could have a material adverse effect on UNIQA Group's
UNIQA Group may not be able to attract and retain key personnel.
The success of UNIQA Group's operations is dependent, among other things, on its ability to attract and retain highly
qualified professional personnel including key management. Competition for key personnel in most countries in which
UNIQA Group operates is intense. In particular, it has been difficult for UNIQA Group to find key personnel in the
CEE region since many well and highly qualified people have left this region in response to the economic crisis.
UNIQA Group's ability to attract and retain key personnel, in particular senior officers, experienced portfolio managers,
sales executives, risk managers, financial reporting managers, software developers, actuaries and compliance officers, is
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dependent on a number of factors, including prevailing market conditions and compensation packages offered by
companies competing for the same talent. Any failure by UNIQA Group to retain qualified personnel – in the normal
course of business as well as in the context of UNIQA Group's reorganisation – could cause loss of know-how about the
industry, UNIQA Group's products, its customers and worsen stakeholder relationships and may therefore have a
material adverse effect on its business, financial condition and results of operations.
UNIQA Group may in the future need to change the basis under which it reports its embedded value.
European-listed life insurance companies generally publish embedded value information to supplement financial
information prepared in accordance with IFRS for their life and health insurance operations. UNIQA Group, as well as
most European listed insurance companies, looks to principles or guidelines adopted by the European Insurance CFO
Forum (the "CFO Forum") for guidance in reporting embedded value. While all member companies of the CFO Forum
that report market consistent embedded value ("MCEV") were required to adopt the European Insurance CFO Forum
Market Consistent Embedded Value Principles© (the "MCEV Principles") by 31 December 2009, the CFO Forum, on
22 May 2009, extended this deadline until the effective date of the new European regulatory regime Solvency II in
order to enable the CFO Forum to conduct a review of the impact of recent turbulent market conditions on the MCEV
Principles. This review is still on-going as a result of continued financial market volatility. The CFO Forum's work may
lead to changes to the published MCEV Principles or to the issuance of additional guidance by the CFO Forum. If
UNIQA Group adopts new principles or changes to existing principles promulgated by the CFO Forum, this will result
in a restatement of reported embedded value results and change the reporting basis of future results.
UNIQA Group derives a significant portion of its income from its investment assets, and UNIQA Group's operating
results depend on the performance of its investment portfolio.
Investment returns are an important part of UNIQA Group's overall profitability. UNIQA Group's investment
performance is subject to a variety of risks, including risks related to general economic conditions, market volatility,
interest rate and inflation rate, fluctuations, liquidity risk, and credit and default risk. Additionally, with respect to some
of UNIQA Group's investments, UNIQA Group is subject to early redemption and reinvestment risk. UNIQA Group
may be subject to restrictions on redemption, which may limit its ability to withdraw funds or realize on such
investments for some period of time after its initial investment. The values of, and returns on, such investments may
also be more volatile. In addition, investments in hedge funds may involve certain other risks, including the limited
operating history of a fund as well as risks associated with the strategies employed by the managers of the fund.
Because of the unpredictable nature of losses that may arise under insurance or reinsurance policies written by UNIQA
Group, its liquidity needs could be substantial and may arise at any time. To the extent UNIQA Group is unsuccessful
in managing its investment portfolio within the context of its expected liabilities, UNIQA Group may be forced to
liquidate its investments at times and prices that are unfavourable, or UNIQA Group may have difficulty in liquidating
some of its alternative investments due to restrictions on sales, transfers and redemptions noted above. This could have
a material adverse effect on the performance of UNIQA Group's investment portfolio. If UNIQA Group's liquidity
needs or general liability profile unexpectedly change, UNIQA Group may not be successful in continuing to manage
its investment portfolio profitably. In addition, investment losses could significantly decrease UNIQA Group's book
value, thereby affecting its ability to conduct business.
While UNIQA Group maintains an investment portfolio with mainly high grade investments instruments rated by
recognized rating agencies, there are no assurances that these ratings will be maintained. The assignment of a high
credit rating does not preclude the potential for the risk of default on any investment instrument.
UNIQA Group is exposed to liquidity risk. An inability to maintain sufficient liquidity could adversely affect expected
levels of operations and UNIQA Group's growth strategy.
UNIQA Group must satisfy its payment obligations on a daily basis. UNIQA Group's ability to honour its payment
obligations, to fund planned or committed capital expenditures and investments or to implement its growth strategy
mainly depends on its future operating performance, its ability to generate sufficient cash flow from investment
activities and, its ability to secure third-party funding. There can be no assurance that UNIQA Group's business will
generate sufficient cash flow from operations or from investment activities when needed, as this depends on numerous
factors, including general market conditions, interest rate developments, UNIQA Group's financial condition and
performance as well as the assessment of UNIQA Group's credit quality by investors. Furthermore, if credit spreads on
fixed income securities or the general level of interest rates decline, UNIQA Group's income from investment activities
decreases. Any increase in the incidence of claims, compensation payments or policy lapse/surrender rates, among other
-9-
events, can lead to unexpected increased cash demands. Accordingly, if UNIQA Group fails to generate sufficient
liquidity, it may not be able to honour its payment obligations, to fund planned or committed capital expenditures and to
implement its growth strategy. All of these factors may have a material adverse effect on UNIQA Group's, business,
UNIQA Group holds illiquid assets that might not be able to be sold in a timely manner or only for a value materially
below its fair value.
UNIQA Group holds certain investments that may lack liquidity, e.g. its asset backed securities portfolio. If UNIQA
Group required significant amounts of cash on short notice in excess of normal cash requirements or were required to
post or return collateral in connection with its investment portfolio or derivatives transactions, UNIQA Group may have
difficulty selling these investments in a timely manner, be forced to sell them for less than it otherwise would have been
able to realize, or both. In addition, UNIQA Group's valuations of these financial instruments include methodologies,
estimations and assumptions that are subject to differing interpretations and could result in changes to investment
valuations. Valuation of these instruments includes inputs and assumptions that are not directly observable or require
greater estimates than valuations of assets for which a liquid market exists. This may result in values which may differ
materially from the values at which the investments may be ultimately sold. Should an active market for asset backed
securities develop, these instruments would need to be valued at their fair value, which may be significantly below their
current valuations. If, for any other reason, UNIQA Group decides to sell certain of these assets, there is a risk that the
proceeds would be significantly below their current valuations. All of these factors may have a material adverse effect
on UNIQA Group's, business, financial condition and results of operations.
Requirements to post collateral or make payments related to changes in market value of certain assets may adversely
affect UNIQA Group's liquidity.
The amount of collateral UNIQA Group may be required to post under short-term financing agreements and derivative
transactions may increase under certain circumstances. Pursuant to the terms of some transactions, UNIQA Group could
be required to make payment to UNIQA Group's counterparties in the event of an adverse change in the market value of
the collateral assets. Such requirements could have an adverse effect on UNIQA Group's liquidity. Furthermore, with
respect to any such payments, UNIQA Group may have unsecured risk to the counterparty as these amounts may not be
required to be segregated from the counterparty’s other funds, may not be held in a third-party custodial account and
may not be required to be paid to UNIQA Group by the counterparty until the termination of the transaction. All of
these factors may have a material adverse effect on UNIQA Group's, business, financial condition and results of
operations.
UNIQA Group uses certain derivative hedging instruments which may be inadequate or ineffective to protect
UNIQA Group from losses.
UNIQA Group is exposed to, amongst others, credit spread fluctuations, fluctuations in equity markets, the impact of
interest rate and exchange rate fluctuations, fluctuations in the fair value of its investments and liabilities. UNIQA
Group uses financial derivative instruments such as swaps, options, futures and forward contracts, which it has entered
into with a number of counterparties in order to partly hedge certain of these exposures, in particular currency risks and
fluctuations of interest rates. These derivative hedging instruments may be inadequate or ineffective to protect UNIQA
Group from substantial losses, which may have a material adverse effect on UNIQA Group's business, financial
condition and results of operations.
Downgrading or the revocation of the Issuer's credit rating could affect the Issuer's standing in the market and may
decrease premiums and earnings.
Credit ratings are becoming an increasingly important factor in establishing the competitive position of insurance
companies. In October 2014, the international rating agency Standard & Poor's Rating Services ("S&P") confirmed the
rating of the Issuer as "A-". The ratings of UNIQA Österreich Versicherungen AG and UNIQA Group's reinsurer,
UNIQA Re AG in Switzerland, remained "A". UNIQA Versicherung AG in Liechtenstein was rated for the first time
and received an "A-" rating. The rating of UNIQA supplementary capital bond issued in 2013 continues to be "BBB".
The outlook for all the companies is considered by Standard & Poor’s to be "stable". UNIQA Group's S&P rating is
subject to periodic review and may be revised downward or revoked at the sole discretion of S&P. Furthermore,
UNIQA Group may have other credit ratings assigned by other rating agencies in the future, the results of which are
uncertain. If UNIQA Group and/or the Issuer's rating is revised downward or revoked, UNIQA Group may face
- 10 -
difficulties marketing its products, as insured parties, particularly large corporate customers, will seek to insure risks
with companies that pose limited credit risk. Credit rating revisions or revocations could therefore result in a significant
reduction in the number and size of insurance contracts UNIQA Group underwrites and, ultimately, in a substantial loss
of business. This may adversely affect UNIQA Group's liquidity and capital position. In addition, any rating downgrade
or revocation could increase costs of borrowing, including in debt capital markets transactions and could adversely
affect UNIQA Group's ability to obtain reinsurance or to obtain reasonable pricing on reinsurance.
UNIQA's CEO is also chairman of the board of UNIQA Versicherungsverein auf Gegenseitigkeit Privatstiftung, one
of UNIQA's core shareholders, which may create conflicts of interest.
Mr. Andreas Brandstetter, UNIQA's CEO, is also chairman of the management board of UNIQA Versicherungsverein
auf Gegenseitigkeit Privatstiftung ("UNIQA PS"), one of UNIQA's core shareholders. To the extent that interests of
UNIQA PS are not fully aligned with the interests of UNIQA and/or UNIQA Group, holding an executive position in
the management of UNIQA PS while at the same time being CEO of the Issuer may potentially create conflicts of
interest for Mr. Brandstetter. If Mr. Brandstetter, in his position as chairman of the management board of UNIQA PS,
was to exert influence of UNIQA PS in a way that it conflicts with the interests of UNIQA and/or UNIQA Group, this
may have a material adverse effect on UNIQA Group's prospects, business, financial condition and results of
operations.
UNIQA Group is dependent on arrangements with related parties.
UNIQA Group depends on its various relationships and agreements with affiliates of Raiffeisen Zentralbank Österreich
Aktiengesellschaft ("RZB"), one of its core shareholders. The Raiffeisen banking group is UNIQA Group's primary
distribution partner in Austria and CEE. In particular the bancassurance partnership with the Raiffeisen banking group
has in the past often formed the basis for entering new markets, such as most recently in Russia and is therefore central
to UNIQA Group's expansion and growth in CEE. UNIQA Group is also a co-investor and joint-venture partner of the
Raiffeisen banking group in financial and/or strategic participations outside the insurance sector such as, for instance,
STRABAG, Raiffeisen evolution project development GmbH, Medial Beteiligungs-Gesellschaft m.b.H., Valida
Holding AG or LEIPNIK-LUNDENBURGER INVEST Beteiligungs Aktiengesellschaft. In addition, UNIQA Group
and the Raiffeisen banking group have reciprocal investments in their portfolios.
Moreover, UNIQA Group has outsourced the operations of its main IT and telecommunication infrastructure to
Raiffeisen Informatik Consulting GmbH ("RIC"), an affiliate of RZB. These relationships are crucial to UNIQA Group.
A termination of any or all of the services and transactions which are currently provided to, or entered into by, UNIQA
Group could cause disruption to UNIQA Group's business and could cause UNIQA Group's revenues to decline
significantly as UNIQA Group would need to source other long term distribution and cooperation partners or service
providers. There can be no assurance that UNIQA Group will be able to find appropriate distribution and cooperation
partners. Also, new distribution and cooperation partners or service providers may be more costly or may be less
acquainted with UNIQA Group's peculiarities and requirements. If, in the future, RZB uses its influence over its
respective affiliates in such a way that these companies no longer continue to provide their services to UNIQA Group or
no longer provide these services on terms acceptable to UNIQA Group, UNIQA Group will need to seek alternative
means of securing comparable services, which may not be available on terms that are as favourable as the current terms
or at all. If any of these events occur, this may have a material adverse effect on UNIQA Group's business, financial
UNIQA Group could be exposed to reputational risks deriving from a prior business connection with Infinus AG
and related persons.
In late 2013, the management of Infinus AG, a German financial service group with past business relations to UNIQA
Group were detained on allegations of misappropriating investor funds. In the years from 2004 to 2011, businesses
related to the Infinus AG had acted as brokers for UNIQA Group, which continues to serve existent retail insurance
contracts closed at the time. Business ties with related parties were severed in 2011 together with UNIQA's retreat from
the German insurance market. While UNIQA believes that no grounds for allegations against insurance companies
whose products were brokered by such companies exist, reputational risk remains as renewed media coverage may be
expected as the case goes to court in Dresden, Germany. This could have material negative effects on UNIQA's
reputation, and thus UNIQA Group's business, financial condition and results of operations.
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UNIQA's Risks related to the market and competition
A downturn in global financial markets and economic conditions could adversely affect UNIQA Group's prospects,
business, and the global economic outlook remains uncertain.
UNIQA Group's revenues, financial condition and results of operation are affected by conditions in the global financial
markets which have shown significant volatility in recent years. Since mid-2007, international financial markets
experienced severe disruptions, resulting in significant negative impacts on the global economy. In the fixed-income
markets, these volatile conditions affected a broad range of mortgage and asset-backed and other fixed-income
securities, including those rated investment grade, the U.S. and international credit and interbank money markets
generally, and a wide range of financial institutions and markets, asset classes and sectors. Domestic and international
equity markets have also experienced heightened volatility and turmoil. The measures taken by governments and central
banks in many countries to support the financial system and the real economy led, especially in Europe and the United
States, to sharply increasing budget deficits and levels of public debt, which in many cases were previously already
considerable. In general, the global economy has remained volatile and could be further negatively affected by many
factors, including but not limited to rising national debts, investor concerns about the cohesion of and disruption within
the euro-zone (for example a disorderly exit of one or more of the member states), the Russian crisis, low growth and
unfavorable growth prospects, insufficient productivity, high unemployment, inadequate liquidity, volatility in the
capital markets, lower consumer spending, higher inflation, political instability or terrorism.
There continues to be significant uncertainty regarding the economic recovery (if any). As such, another global
recession, recessions affecting significant parts of the global economy or evolving market conditions in general may
reduce the demand for UNIQA Group's products and the value of the investments it holds. There exist risks in some
advanced economies of a prolonged period of low economic growth, low inflation and low interest rates invoked by low
aggregate demand ("secular stagnation") or a lack of economic reform, adverse long-term demographic trends, low
productivity growth and subdued aggregate supply.
The demand for insurance coverage could decline if a large number of consumers delay purchasing new insurance or
terminate existing insurance due to, for example, lower disposable income or high unemployment. Consumer mistrust
in the financial sector could lead to consumers purchasing fewer insurance products through banks and similar
institutions, resulting in lower sales of UNIQA Group through its bancassurances partners. The demand of corporate
insurance clients is also dependent on general economic conditions, as the demand for corporate and industrial
insurance products is usually higher in growing economic environments where companies make investments and take
new risks. Generally, weaker demand for insurances coverage could increase the pressure on pricing and competition,
adversely affecting UNIQA Group's profitability.
UNIQA Group's investments could also be adversely affected by the global economic conditions. Economic downturn
often leads to a decline in value for investments. UNIQA Group's investments mainly comprise fixed income securities,
real estate, cash, equity securities and participations.
If any of the risks set out above materialize, UNIQA Group's business, financial condition and results of operations may
be adversely affected.
The continuing sovereign debt crisis in the euro-zone could result in an economic instability and possible defaults on
government debt with adverse effects for UNIQA Group's prospects, business, financial condition and results of
operations.
The measures taken by European governments, the U.S. Federal Reserve, the European Central Bank (the "ECB") and
national central banks since 2008 to support distressed financial institutions and to stimulate economic growth have
significantly increased expenditures, while slower or negative real economic growth has led to a decrease in tax
revenues. These developments resulted in sharply increasing budget deficits and levels of public debt. In most member
countries of the European Economic and Monetary Union, the level of sovereign debt exceeds the limit of 60 % of gross
domestic product established by the Treaty of Maastricht, while some countries exceed 100% of gross domestic product
(e.g. Italy and Greece). Risk premiums for notes issued by increasingly indebted countries in the euro-zone had
increased significantly in recent years and certain private noteholders had to accept reductions of the aggregate principal
amount of notes issued by Greece. These developments led to doubts about the ability of the governments of some,
especially peripheral, European countries to repay in full their government debt.
In July 2015, Greece and its creditors reached an agreement to secure a support programme aimed at ensuring long
overdue economic reforms. However, uncertainty remains with regards to further proceedings as well as the
- 12 -
programme’s successful implementation. Furthermore, a default of Greece and/or an exit of Greece from the Euro-zone
cannot be excluded.
UNIQA has no direct exposure to Greek sovereign bonds, but as a result of the ongoing economic slump in Greece and
the related austerity measures implemented by the Greek government, UNIQA could be indirectly affected by a Greek
sovereign default or the country’s exit from the Euro-zone which could lead to temporary financial market turbulences
including a widening of spreads. A Greek default could furthermore lead to spill-over effects impacting the overall GDP
growth in Europe and ultimately result in a recession. In addition to negative effects to UNIQA Group's assets, this
could have material adverse effects on UNIQA Group's business, financial condition and results of operations.
The sovereign debt crisis poses various risks for UNIQA Group. Defaults or forced write-downs in the value of
government notes issued by countries in the euro-zone in general and in particular of government notes issued by Spain,
Ireland, Italy, Portugal, Slovenia, Hungary and other countries in Europe negatively affected by the debt crisis could
occur.
If further member states of the euro-zone experience payment difficulties or even default, the risks associated with the
sovereign debt crisis may materialize to a far greater extent, which may pose a threat to the existence of the European
Monetary Union and UNIQA Group. Indirect consequences could include the withdrawal of individual countries from
the European Monetary Union. Especially the withdrawal of any of the largest economies, or the complete breakup of
the European Monetary Union, would have far-reaching and unpredictable consequences for the financial markets and
the real economy. An acceleration of the euro-zone sovereign debt crisis could also undermine the capitalization of
banks and other financial service providers potentially resulting in new regulatory measures to be taken. This scenario
would have material adverse effects on the net assets, financial position and results of operations of UNIQA Group
which can pose a threat to the existence of UNIQA Group.
In mid-2012, the ECB implemented the outright monetary transactions ("OMT") program, under which the ECB can,
subject to certain conditions, purchase notes issued by euro-zone member states with the aim of stabilizing the euro and
the euro-zone economy. However, there can be no assurance that this program will be effective. A termination of the
OMT program could have a negative effect on the euro-zone economy, and consequently could adversely affect
UNIQA Group's business, financial condition and results of operations.
The significant amount of liquidity provided to the national economies by the central banks in the euro-zone, in
particular at the close of 2011 and in the first quarter 2012, to stabilize the financial system in the wake of the sovereign
debt crisis, may result in a rise in inflation. This could have materially adverse effects on the economy, in particular if
central banks start limiting liquidity in order to fight inflation and taking measures to increase the interest rate level and
thereby slow down the economy.
In 2015, the ECB initiated a large-scale, open-ended asset purchase program ("quantitative easing"). It comprises the
monthly purchases of public and private sector securities amounting up to EUR 60 bn and is intended to be carried out
until September 2016 and is expected be conducted until the ECB sees a sustained adjustment in the path of inflation
consistent with its mandate to achieve price stability in the euro-zone. A prolonged period of expansionary monetary
policy could pose risks to financial stability and long-term economic growth. These risks could include adverse
incentive effects for governments, misallocation of financial investment and resources and the building of asset and
financial bubbles. Ultimately, the bursting of asset bubbles could induce a financial crisis or global recession as
experienced in 2008/09.
In particular, risks to financial stability arising from an ultra-loose monetary policy could negatively affect the banking
and insurance sectors. Permanently low or negative yields on financial assets could propagate excessive risk taking in
the financial sector and could discourage economic agents from long-term saving. In addition near-zero yields could
invoke a cash- or near-cash preference of economic agents and thereby lower demand for savings products, life
insurance or similar products. As liability driven investor UNIQA aims to minimize possible liquidity problems by
pursuing a cash flow matching approach. The liability cash flows of the traditional life in force business are matched
with asset cash flows of a suitable investment universe. A lower demand for new business in life savings products
therefore would affect the liquidity situation of UNIQA in a bearable manner. In particular, risks to financial stability
arising from an ultra-loose monetary policy could negatively affect the banking and insurance sectors. Permanently low
or negative yields on financial assets could propagate excessive risk taking in the financial sector and could discourage
economic agents from long-term saving. In addition near-zero yields could invoke a cash- or near-cash preference of
economic agents and thereby lower demand for savings products, life insurance or similar products.
- 13 -
Any downturn in CEE economies, the difficult market environment and political, legal and regulatory uncertainty
could adversely affect UNIQA Group's prospects, business, financial condition and results of operations.
UNIQA Group has a high exposure across the CEE market and its growth strategy relies heavily on this region. The
GWP (including saving portion from unit- and index-linked life insurance) for CEE in 2014 was EUR 1.294,4 mn and
accounted for 21.34% of total premiums written. UNIQA Group is therefore subject to the economic, legal and political
environment in CEE. In particular, certain CEE countries have a history of unexpected changes in governments and
problematic political environments which resulted in unfavorable business conditions.
The economic growth in CEE depends to a large extent on the macroeconomic environment. The global financial crisis
and the subsequent sovereign debt crisis also negatively impacted the economies of the countries in the CEE region.
The CEE region is economically dependent on Western Europe which has been impacted by the sovereign debt crisis
and is facing ongoing challenging economic conditions. Additionally, as a result of the volatile international financial
markets and economic conditions in recent years, local currencies in the CEE region have seen high volatility against
major currencies such as the euro which has negatively impacted consumer spending in the CEE region due to, for
example, consumers' exposure to mortgages linked to foreign currencies. Without a sustained recovery of the CEE
economies, if consumers in the CEE region are impacted by further volatility of currencies or if the CEE economies are
materially impacted by a deterioration of the ongoing European sovereign debt crisis, UNIQA Group could be
materially negatively affected.
With regard to the insurance market in CEE countries, the expected economic situation in the Eastern European markets
poses a certain challenge to the Group to achieve disproportionately high growth in the short term compared to the
Western European insurance markets. The premium volume in the CEE region declined in 2014, mainly in the life
insurance business, although this was also attributable to a deliberate reduction in single premium business in Central
Europe and a deliberate reduction in the volume of motor vehicle insurance in selected markets. Given this trend in
2014, the expectations for 2015 remain moderate.
The continued political uncertainty in the Ukraine caused by the separatist movement in the east of the country raises
questions whether the Ukraine will be able to continue to servicing some of its borrowing. The Ukrainian currency, the
hryvnia ("UAH"), weakened against the euro during the course of 2014. The total value of all UAH securities in
UNIQA Group amounts to a fair value of EUR 4.0 mn.
Together with the fall in oil prices in December 2014, the EU sanctions imposed on Russia caused an immediate and
sharp drop in the value of the rouble ("RUB") against the euro. In turn, this led to a volatile interest rate environment
and the devaluation of Russian government bonds.
The CEE markets are generally very competitive and UNIQA Group's portfolio in these markets is not fully diversified.
The competitive pressure in relation to pricing, policy terms and conditions due to excessive underwriting capacity, may
result in UNIQA Group reducing prices or extending coverage or increasing commissions.
In particular, UNIQA Group is facing significant challenges in Romania. The Romanian insurance market is
characterized by very strong competition among insurers as well as significant pricing pressure. Currently, UNIQA
Group's business in Romania relies heavily on the motor insurance segment. In response to these challenges, UNIQA
Group has made efforts to improve the claims processes, its audit and control procedures, sanitation program is in
progress and regular tariff revise is performed. Nevertheless, UNIQA Group's goodwill related to its Romanian
subsidiary was impaired by EUR 15 mn in each of the financial years 2011 and 2012, and by EUR 25 mn in the
financial year 2014. There can be no assurance that UNIQA Group's strategy in Romania will be successful or that
UNIQA Group will not be required to additionally write-off goodwill in the future.
In terms of actuarial risk, the further development of the motor business in CEE countries (comprehensive vehicle
insurance, including liability insurance) continues to represent the greatest challenge because this business segment
accounts for a considerable proportion of the property/casualty insurance in the CEE region. The most significant
difficulties are, firstly, that there is a continuously changing legal environment leading to higher benefit payments in the
event of personal injury claims and, secondly, that many markets are still subject to a price war as UNIQA Group's
competitors vie to win customer segments. UNIQA increasingly relies on a professional pricing approach. In addition to
conducting ongoing market analyses, UNIQA Group carries out standardised profitability tests to ensure that pricing is
appropriate. In addition, UNIQA Group has established certain guidelines in order to ensure that international insurance
claims (known as green card claims) are settled within UNIQA affiliated companies or in conjunction with specified
partners.
In addition, CEE countries do not always offer the same type of rights, remedies and protections that creditors are
accustomed to under the bankruptcy regimes in Western Europe. In many cases, the interpretation and procedural
safeguards of the new legal and regulatory systems are still evolving, which may result in an inconsistent and uncertain
- 14 -
application of existing laws and regulations and no legal precedent and no binding guidance from regulatory authorities
as to legal interpretation. This may result in UNIQA Group facing legal uncertainty, inadvertently violating applicable
law or not being able to collect premiums for the future.
If any of the risks set out above were to occur, it may have an adverse effect on UNIQA Group's business, financial
UNIQA Group operates in a competitive environment.
UNIQA Group faces significant competition from domestic insurers in each of UNIQA Group's principal markets, as
well as from other international insurance groups, which offer the same or similar products and services. UNIQA Group
operates in markets in which the most important competitive factors for general insurance products include brand
recognition, the utilization of various distribution channels, product price, and customer service, including claims
handling, product flexibility and product innovation. In particular, competitive pressure in relation to pricing, policy
terms and conditions due to excess underwriting capacity, such as recently experienced with regard to compulsory
vehicle insurance tariffs in Romania and Hungary, may result in UNIQA Group reducing prices or extending coverage
or increasing commissions. If UNIQA Group is unable or is perceived to be unable to compete effectively in one or
more of these areas, its competitive position may be adversely affected.
The entry into, or the targeting of, UNIQA Group's home markets by international insurers with greater financial
resources could adversely affect UNIQA Group's ability to obtain new, or retain existing, customers. UNIQA Group
may also find it difficult to enter into new business areas such as corporate business. As a result of these developments,
UNIQA Group may be unable to maintain existing market shares, implement its growth strategy or retain existing key
customers.
If these developments were to occur, UNIQA Group may lose existing business volume and related revenues and may
face limitations on new business activity.
The cyclicality of certain segments of the insurance market can lead to major fluctuations in premiums generated.
The insurance market is subject to cyclical fluctuations, in particular in the property and casualty insurance segment.
The factors that drive these fluctuations are generally outside the control of UNIQA Group and include macroeconomic
parameters and the competitive environment. The cyclical nature of the property and casualty insurance business may
lead to fluctuations in premiums and revenues in the future, and consequently could have a material adverse effect on
UNIQA Group is exposed to sovereign risk.
UNIQA Group's fixed income portfolio contains debt instruments issued by sovereign states. The value of these
instruments may be adversely affected by developments in the global sovereign debt markets and the global macroeconomic environment as well as changes in national economic conditions and political frameworks. There can be no
assurance that UNIQA Group will not be required to recognize further write-downs on the sovereign debt instruments it
holds or that its sovereign debt holdings may increase in the future.
UNIQA Group is exposed to credit risk.
UNIQA Group is exposed to credit risk in relation to third parties. Such risk may be caused by deterioration in the
actual or perceived creditworthiness of its counterparties, resulting in an increase in credit spreads or in a failure by
UNIQA Group's counterparties to meet their obligations. UNIQA Group is exposed to credit risk through, among other
things, providing insurance products to a variety of retail and corporate customers, holdings of fixed income
instruments in its investment portfolios, loans and advances, and in relation to tenants of property in its real estate
portfolio and reinsurance counterparties. In addition, UNIQA Group is exposed to counterparty credit risk in relation to
life insurance products guaranteed by a third party guarantor, as is typically the case with respect to state-subsidized
retirement pension products in Austria (Prämienbegünstigte Zukunftsvorsorge) or guaranteed unit-linked life products.
If any of UNIQA Group's counterparties cannot meet their obligations under their agreements with UNIQA Group,
UNIQA Group could incur significant losses.
In addition, bankruptcy laws in many CEE countries are subject to change and can differ significantly from country to
country. They do not always offer the same type of rights, remedies and protections to which creditors are accustomed
under the bankruptcy regimes in Western Europe. Bankruptcy law systems in the various CEE countries have, at times,
- 15 -
made it comparatively difficult for UNIQA Group to obtain payment when clients default on their contracts, which may
have a material adverse effect on UNIQA Group's prospects, business, financial condition and results of operations.
UNIQA Group is exposed to currency risk.
Although UNIQA Group's insurance business operates in different countries, the currencies of its investments do not
always correspond to UNIQA Group's underlying insurance obligations. For instance, UNIQA Group's investment
portfolio contains fixed income securities denominated in U.S. dollars ("USD"), whereas UNIQA Group's obligations
resulting from its insurance operations are primarily in, but not limited to, Euros. UNIQA Group's investment in USD
and other foreign currencies expose UNIQA Group to the risk that such foreign currency may decline in value against
the Euro, causing the value of such investments to decrease. In addition, UNIQA Group invests in a number of its
subsidiaries outside the euro-zone (e.g. investments in UAH and RUB). UNIQA Group currently only hedges against
USD exchange rate risk. There can be no assurance, however, that UNIQA Group's foreign exchange hedges will be
able to fully mitigate foreign exchange rate risk. UNIQA Group is also exposed to foreign currency translation risk.
UNIQA Group's consolidated financial statements are stated in Euros, whereas the revenues and expenses of parts of
UNIQA Group's operations are earned and paid, and assets and liabilities of parts of UNIQA Group's operations are
held, in currencies other than the Euro. Foreign currency amounts are translated into Euros at the applicable exchange
rates for inclusion in UNIQA Group's consolidated financial statements. The exchange rate between these currencies
and the Euro can fluctuate substantially, causing asset values to decrease and liabilities to increase. Any of the above
could have a material adverse effect on UNIQA Group's business, financial condition and results of operations.
UNIQA Group's exposure to inflation could have a material adverse effect on its technical provisions, results of
operation and financial condition.
UNIQA Group's liabilities are exposed to an increase in the rate of general inflation (prices and salaries) which would
require an increase in the value of non-life technical provisions. In addition, UNIQA Group is exposed to claims
inflation over and above general inflation and in particular to the inflation of court awards in respect of general liability
and bodily injury claims. UNIQA Group's assets are exposed to increased inflation or inflationary expectations, which
would be accompanied by a rise in the yield curve with a consequent reduction in the market value of the note
portfolios. Increased inflation could also negatively affect the solvency of note issuers. Widening credit spreads would
lead to a loss of value for the issuers’ notes. Finally, depending on the macroeconomic environment, an increase in
inflation could also reduce the value of UNIQA Group's equity portfolio. Any negative fluctuations in equity values
would lead to a similar decrease in shareholders' equity. As such, inflation could have a material adverse effect on
UNIQA Group's financial condition and results of operations.
UNIQA's Risks related to the environment
Catastrophic events and extraordinary risks could result in material financial losses in UNIQA Group's insurance
business.
UNIQA Group insures risks related to catastrophes caused by human activity, as well as natural disasters, such as
floods, earthquakes, windstorms, tornados, hailstorms, frost or fires. The frequency and intensity of natural catastrophes
are unpredictable. If catastrophes damage property protected by UNIQA Group's policies with a significantly greater
frequency or intensity than previously experienced, UNIQA Group may be required to make large claim payments and
may be forced to fund these obligations by liquidating investments in unfavourable market conditions or raising funds at
unfavourable costs. These risks are further augmented if UNIQA Group's reinsurance program should turn out to be
insufficient or inadequate upon the occurrence of catastrophic events and extraordinary insurance losses. These factors
could have a material adverse impact on UNIQA Group's business, financial condition and results of operations.
UNIQA's Risks related to regulatory and (other) legal matters
UNIQA Group operates in a heavily regulated industry.
The insurance industry is heavily regulated. The Issuer and most of its significant subsidiaries are insurance companies
and as such subject to rules and regulations applicable to insurance companies/business in each of their respective
jurisdictions. UNIQA Group's operations and products may also be subject to (additional) authorization requirements.
- 16 -
These rules, regulations and authorization requirements may be different in the various jurisdictions and are complex
and frequently amended. These laws, regulations and authorization requirements generally, but not only cover the
following:

set conditions for obtaining, maintaining and/or extending licenses, permissions or (other)
authorizations;

require the authorizations of insurers and "fit and proper" testing of their management;

require the maintenance of solvency levels and capital adequacy ratios, including restrictions on the
payment of dividends or other distributions;

impose the accrual of additional reserves or set specific requirements for the calculation of reserves;

regulate the marketing, sale, content and pricing of certain policies;

limit insurers' rights to cancel, refuse or renew policies or to withdraw from markets;

provide policyholders the right to cancel their policies under certain conditions;

require approval by the supervisory authorities or governmental bodies for any changes of the
insurer's articles of association or structural changes, including changes involving the corporate
group structure or approval for qualifying holdings; and

restrict the amount and type of investment assets the respective Group Company can hold.
In addition to rules and regulations applicable to the Group Companies, UNIQA Group must comply with a variety of
EU and other national and local rules and regulations governing a variety of areas, including labour, welfare,
competition and tax issues. As these rules and regulations as well as their interpretation by relevant authorities are
constantly evolving and generally becoming more stringent, the costs of compliance with applicable rules and
regulations are likely to increase in the future and may prevent UNIQA Group from further offering certain insurance
products and services. This could materially raise UNIQA Group's operating and fixed costs, require it to make
additional investments, or in the worst case, limit or end its activities in one or more jurisdictions. Similarly, if UNIQA
Group is not able to adjust its business operations to new rules and regulations in time or if competitors are able to adapt
to such changes more quickly than UNIQA Group, UNIQA Group may lose market share to its competitors. Failure to
comply with applicable rules, regulations or authorization requirements may lead to regulatory or legal actions,
imposing of fines and/or revocation or lack of renewal of licenses, permissions or (other) authorizations necessary to
conduct its business in the jurisdictions in which UNIQA Group operates, or to a civil liability. Moreover, if supervisory
decisions, measures or fines imposed against UNIQA Group were to become publicly known, this could lead to a loss
of confidence among customers and business partners. Should any of these risks materialize, it may have material
adverse effects on UNIQA Group's business, financial condition and results of operations.
Failure to meet capital and other regulatory requirements may have material adverse effects on UNIQA Group.
Insurance companies are required to meet certain own funds requirements, which are specific for each entity and are
based on their local legislation. In addition, the capital fungibility between the different legal entities of UNIQA Group
may be restricted due to regulatory capital requirements. UNIQA Group's future regulatory requirements on own funds
depend on many factors, including its ability to successfully underwrite new business, its ability to establish premium
rates and reserves at levels sufficient to cover losses, and its return on financial assets. To the extent that funds currently
available are insufficient to meet future requirements on own funds, UNIQA and each of its insurance subsidiaries may
be required to raise additional own funds in order to meet their respective capital requirements above the minimumrequired levels or curtail growth. UNIQA Group cannot assure that it will not need to raise additional own funds in the
future, nor can it assure that it will be able to obtain such own funds on favourable terms, in a timely manner or at all. If
Group Company fails to obtain necessary financing and fails to meet the capital requirements, that entity may be subject
to administrative sanctions, which may result in increased operating costs, loss of reputation, which, consequently, may
have material adverse effects on UNIQA Group's business, financial condition and results of operations.
In addition, UNIQA and its insurance subsidiaries are required to maintain assets with a value corresponding at least to
each of their liabilities and capital requirements. Qualitative and quantitative restrictions concerning individual
categories of assets used to cover the technical provisions apply. If UNIQA Group would be required to strengthen its
own funds position, it may need to raise additional own funds, change its current asset structure, reduce assets or slow
down its intended and projected growth. Any such measures may have material adverse effects on UNIQA Group's
prospects, business, financial condition and results of operations. operations.
- 17 -
Changes in existing, or new, governmental laws or regulations in the countries in which UNIQA Group operates
may have a material adverse effect on its results of operations.
Changes in existing, or new, governmental laws and regulations in the countries in which UNIQA Group operates may
have a material adverse effect on UNIQA Group, including regulations relating to the provision of financial services,
insurance products and other transactions UNIQA Group is conducting. Furthermore, apart from changes to the
economic environment, the introduction of new or amending of existing laws and regulations applicable to UNIQA
Group and/or changes in their application, including (but not limited to) the new comprehensive framework for risk
management for defining required capital levels and to implement procedures to identify, measure, and manage risk
levels, commonly known (and further referred to) as "Solvency II", and changes in accounting matters and/or their
application, may adversely affect UNIQA's business as its implementation and compliance may result in costs that
currently cannot be definitively determined.
In particular, the implementation of Solvency II is causing a substantial increase in the regulation applicable to UNIQA
Group, including increased (quantitative and qualitative) capital and disclosure requirements, as well as restrictions on
certain types of transactions (for details see the risk factor below headed "A new regulatory framework for insurance
companies (Solvency II) will increase regulatory requirements (including own funds and governance)").
In reaction to the crisis in the global financial markets, many countries' governments and regulators have introduced
various rescue schemes for the financial sector. The impact of certain of these schemes may negatively affect the value
of companies in the financial sector and thus have an indirect adverse effect on UNIQA Group, as it holds securities
issued by such companies in its investment portfolios. In the same context, governments, supervisory and other
authorities have made and still make proposals to strengthen the regulatory framework for the financial services
industry to enhance its resilience against future crises. Such proposals include, amongst other things, stricter own funds
requirements and liquidity standards, the regulation of types of business considered as particularly dangerous, and
expansion of the supervisory and resolution powers of competent authorities. Such future changes to the existing
regulatory framework for the financial services industry may be significant with negative impacts on UNIQA Group,
such as additional administrative cost (incurred to implement and comply with new rules) increased cost of capital (due
to stricter own funds requirements) and a materially adverse effect on UNIQA Group's business, results of operation
and prospects.
Changes in existing laws and regulations applicable to UNIQA Group may have adverse effects on UNIQA Group's
financial conditions and results of operations.
A new regulatory framework for insurance companies (Solvency II) will increase regulatory requirements (including
own funds and governance).
In the EU, wide-ranging amendments to the existing regulatory framework applicable to insurance and re-insurance
companies are currently being implemented. These new rules commonly known as "Solvency II" include requirements
on own funds, the calculation of technical provisions, valuation of assets and liabilities, governance structure, regulatory
reporting and disclosure as well as governance of insurance companies. Solvency II stipulates more risk-sensitive
standards to capital requirements, aims to align capital requirements for insurance companies with those applicable to
banks and investment firms in order to avoid regulatory arbitrage as well as to align own funds with economic capital
and bring about an enhanced degree of public disclosure.
EU-Member States are required to bring into force the laws, regulations and administrative provisions necessary to
comply with Directive 2009/138/EC (i.e. the "Directive 2009/138/EC of the European Parliament and of the Council of
25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast)")
which sets out the main legal framework for Solvency II by 31 March 2015. Whilst those laws, regulations and
administrative provisions shall apply from 1 January 2016, Member States shall apply the laws, regulations and
administrative provisions necessary to comply with the phasing in of Solvency II from 1 April 2015.
The Directive 2009/138/EC together with accompanying legal acts, will create a stricter and more comprehensive
regulatory framework (compared to the existing supervisory and solvency regime) for insurance and re-insurance
companies within the EU. As a result, solvency capital requirements for insurance and reinsurance companies will
increase compared to the current Solvency I regime and also result in capital ratios becoming more volatile.
In Austria, the Directive 2009/138/EC has been transposed into national law in particular by the Austrian Insurance
Supervision Act 2016 (Versicherungaufsichtsgesetz 2016 – VAG 2016). The Austrian Insurance Supervision Act 2016
shall enter into force on 1 January 2016, apart from certain transitional provisions (in particular on grandfathering and
phasing in) which entered/will enter into force on 1 April 2015 respectively 1 July 2015). Furthermore, on 10 October
- 18 -
2014 the EU Commission adopted a delegated act (i.e. the "Commission Delegated Regulation (EU) 2015/35 of
10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up
and pursuit of the business of Insurance and Reinsurance (Solvency II)") which supplements Directive 2009/138/EC
and contains certain implementing rules for Solvency II. This delegated act (which - as an EU-regulation - is
immediately applicable in Austria) entered into force on the day following its publication in the Official Journal of the
European Union on 17 January 2015.
Solvency II requires insurance companies (including UNIQA Group) to apply a more risk-sensitive approach for
calculating their capital requirements, and aims to align the regulatory framework for insurance companies with the one
for credit institutions and investment firm. Solvency II, particular requires the following:

effective and adequate governance systems;

specific requirements regarding risk management, internal controls, internal audit function,
actuarial function and control over outsourcing arrangements;

effective risk management systems, including strategies, processes and reporting procedures, in
order to monitor, manage and report their risk exposures; and

regular own risk and solvency assessment ("ORSA") as part of the risk management system, (also
to be taken into account for strategic decision-making) which must demonstrate the methods used
for determining the insurance company's solvency needs and the processes for identifying risks in
the short and medium term and assess at least the following:

the overall solvency needs, allowing for the specific risk profile;

approved risk strategy and the business strategy;

on-going compliance with requirements on technical provisions and capital requirements; and

the extent of deviations between the insurer's risk profile and the assumptions for solvency
capital required (SCR) based on the standard approach.
Solvency II introduces economic risk-based capital requirements within the EU. While the current requirements mainly
concentrate on the liabilities side (i.e. insurance risks), Solvency II takes account of the asset-side risks, introducing a
new "total balance sheet" type regime with the aim of considering all relevant risks and their interactions. Under
Solvency II, the solvency capital ratio of UNIQA Group will be lower than under Solvency I.
UNIQA Group has developed and implemented an internal model and intends to opt for approval to use a partial
internal model for calculating the solvency capital requirement for non-life risk under Solvency II. The partial internal
methodology is used to calculate the required economic capital and hence, the risk bearing capacity for non-life &
health non similar to life techniques ("NSLT") insurance business lines. However, there is the risk that UNIQA Group's
internal models may not be approved by the supervisory authority or may inadequate for calculating the capital actually
required to absorb significant losses. This would result in additional operational costs (e.g. for amending the internal
model or changing the calculation from using the internal model to the standardized approach) and have negative effects
on UNIQA Group's compliance with capital requirements.
In addition to the new reporting obligations, the biggest challenge in this preparatory work is the project being
undertaken by UNIQA Group to promptly apply for a partial internal model relating to property/casualty and Health
NSLT insurance business. This project is subject to a very narrow timeframe because of the late publication of the
regulatory requirements. Sufficient resources must therefore be dedicated to the project to enable the Group to submit
an application for approval in a timely manner. UNIQA aims that all significant international subsidiaries in EU
member states are to be recorded in UNIQA's partial internal model from the beginning, which requires a series of
alignments in these companies and must also take place in harmony with the affected national supervisory authorities in
the respective EU member states. UNIQA did not submit the application for the partial internal model to the regulatory
authorities for approval at the earliest possible date, the middle of 2015, but will do so presumably by the end of 2016
or even later. There can be no assurance that UNIQA Group's internal model will be approved by the applicable
regulator in time or that the model will be adequate to calculate the necessary capital actually required to absorb
significant losses.
Any failure to comply with the new requirements under Solvency II in particular on own funds, risk management,
documentation, and reporting processes and, in particular, any delay in the implementation of the partial internal model
could have a material adverse effect on the business, financial condition and results of operations by UNIQA Group.
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There is a risk that under Solvency II, existing instruments issued by the Issuer and/or other members of UNIQA Group
will no longer be (full or partly) eligible as own funds and/or will not be sufficient to comply with the increased capital
requirements under Solvency II. In addition, refinancing existing debt or raising additional capital might be expensive,
difficult or impossible on adequate terms, which could have a material adverse effect on the Issuer and/or UNIQA
Group, including its business and financial condition.
The solvency ratio to be calculated under Solvency II rules may change due to amendments to the standards.
Solvency II requires insurance companies to calculate and maintain a certain economic solvency ratio which presents
the amount of capital an insurer has relative to the risks it is exposed to, where the solvency capital requirement is
calculated according to a "risk based" approach, taking into account all types of risks an insurance company is mainly
exposed to. The economic solvency ratio determined under Solvency II is a key figure which will have an impact on
whether UNIQA Group can take further risks with future investments or has to change its current portfolio of risks on
the asset or liability side. Certain calculation elements are still under discussion and may be amended over time. If the
rules and requirements (and/or the interpretation) on the calculation of the solvency ratio may be changed, UNIQA
Group may be required to adjust its strategy for future investments which could have a material adverse effect on
UNIQA Group's return of investments, business, financial condition and results of operations.
The proposed revisions to the Insurance Mediation Directive (IMD2/IDD) could adversely affect UNIQA Group's
business, results of operations and financial condition.
The renamed Insurance Distribution Directive ("IDD"), previously known as IMD2, was agreed by the European
legislative bodies in June 2015. It is expected to come into effect by the end of 2015. Transposition is expected within
two years meaning that the revised rules for the distribution of insurance products ought to be in effect by the end of the
year 2017. Some measures will be introduced via various instruments, e.g. by guidelines issued by European Insurance
and Occupational Pensions Authority ("EIOPA") before that date. Broadly, the IDD introduces the following changes:
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Insurers selling direct to customers or through employed agents are brought within the scope of the regime
(general requirement for all distributors to "act in the best interests of customers").
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Member States must introduce rules to ensure that distributors are not remunerated and do not remunerate or
assess the performance of their employees in a way that conflicts with the duty to act in the best interests of
customers.
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Disclosure and transparency. Before the conclusion of an insurance contract, intermediaries are required to
provide details about themselves and must describe to their customer the nature of their remuneration (i.e. fee
or commission, or other type of arrangement). As of 31 December 2016 insurers selling packaged retail
investment and insurance-based investment products ("PRIIPs") will have to produce key information
documents ("KIDs"). KIDs will be uniform disclosure documents giving standardised information about
products that are designed to give retail investors sufficient clear information on the range of PRIIPs to
compare them for suitability and value. An "insurance-based investment product" is an "insurance product
which offers a maturity or surrender value and where that maturity or surrender value is wholly or partially
exposed, directly or indirectly, to market fluctuations". The range of products that will be in scope has not been
determined in detail. Insurance investment products (such as unit-linked or with-profits policies) will definitely
be PRIIPs.
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The IDD will also include rules in relation to product governance. For this purpose EIOPA will issue
guidelines on product oversight & governance arrangements, requiring insurers to operate and review
processes for the approval of each product before they are marketed to customers. The process should specify
the target market and ensure that all relevant risks are identified. There will also be guidelines for cross-selling
and bundling. The IDD does allow cross-selling and bundling, however, distributors must inform customers
whether different components can be bought separately. A description of each component and separate
evidence of costs and charges must also be provided.
These changes are likely to have a significant effect on the European insurance market. In particular, they will increase
UNIQA Group's compliance obligations regarding sales requirements. This could raise the costs and complexity of
UNIQA Group's sales procedures. They are also likely to significantly affect the relationship between UNIQA Group
and its intermediaries in the context of selling insurance products. All this could have material adverse effects on
UNIQA Group's business, results of operations and financial condition.
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UNIQA is subject to stress tests and similar regulatory analyses which could negatively impact its reputation and
financing costs or trigger enforcement actions by the supervisory authorities.
To assess the level of capital in the insurance sector, the national and European authorities for insurance supervision (in
particular the FMA and the EIOPA) periodically require solvency calculations and conduct stress tests where they
examine the effects of various adverse scenarios on insurers (e.g. a strong downturn in the interest rates). In addition,
the supervisory authorities have carried out a number of studies on the quantitative effects of proposed changes to
capital rules in the recent past (quantitative impact studies), particularly with regard to Directive 2009/138/EC
(Solvency II). Announcements by supervisor authorities about carrying out such tests can destabilise the insurance
sector and lead to a loss of trust with regard to individual companies or the insurance sector as a whole. In the event that
UNIQA's results in such a calculation or test are worse than those of its competitors and these results become publicly
known, this could also have adverse effects on UNIQA's financing costs, customer demand for UNIQA's insurance
products and the Issuer's reputation. Furthermore, supervisory authorities could use a poor result in such calculations or
tests as a basis on which to take regulatory measures, which could have adverse effects on UNIQA. If any of the risks
above occurs, this could materially and adversely affect UNIQA's business, financial condition and results of
operations.
Under the Solvency II regime, UNIQA will be required to disclose information on its solvency calculations which
could negatively affect financing costs, customer demand and UNIQA's reputation.
In addition to the voluntarily disclosed Economic Capital Requirement Report on the internal and regulatory solvency
position of the Issuer, a "Solvency and Financial Condition Report (SFCR)" has to be disclosed starting in 2016. The
figures and explanations given therein are public and bear the risk of having adverse effects on UNIQA's financing
costs, customer demand for the Issuer's insurance products and UNIQA's reputation. If any of the risks above occurs,
this could materially and adversely affect UNIQA's business, financial condition and results of operations.
UNIQA Group might be required to write off all its claims under certain notes issued by HETA ASSET
RESOLUTION AG.
As of 31.12.2014 UNIQA Group held certain subordinated and unsubordinated notes issued by HETA ASSET
RESOLUTION AG ("HETA", formerly: "HYPO ALPE-ADRIA-BANK INTERNATIONAL AG") in an aggregate
principal amount of EUR 55 mn on a consolidated basis (the "HETA-Notes"). Therein entailed are junior subordinate
notes to the aggregate principal amount of EUR 20 mn that have been deemed impaired and have been written down in
a prior period. The liabilities of HETA under the HETA-Notes are secured by a deficiency suretyship (Ausfallshaftung)
provided by the Austrian province of Carinthia. Currently, UNIQA Group is unable to assess whether the province of
Carinthia would be able to fulfil all its obligations under this suretyship.
On 1 August 2014, the "Austrian Act on Reorganisation Measures for HYPO ALPE ADRIA BANK
INTERNATIONAL AG" (Bundesgesetz über Sanierungsmaßnahmen für die HYPO ALPE ADRIA BANK
INTERNATIONAL AG – the "HaaSanG") entered into force. Pursuant to the HaaSanG, upon publication of an FMAregulation on 7 August 2014 certain subordinated liabilities and all collateral for such liabilities have been extinguished
automatically by law. Therefore, HETA's liabilities under the subordinated HETA-Notes as well as all respective
collateral (in particular including the respective liability of the province of Carinthia) have been extinguished by law,
i.e. the amount of principal, interest and any other amounts, if any, payable by HETA was automatically reduced to
zero.
On 1 March 2015, the Austrian Financial Market Authority (Finanzmarktaufsichtsbehörde – the "FMA"), in its
capacity as the Austrian resolution authority, issued an administrative decision initiating the resolution of HETA in
accordance with the Austrian Act on the Recovery and Resolution of Banks (Bundesgesetz zur Sanierung und
Abwicklung von Banken – the "BaSAG"). In order to draw up a resolution plan and prepare the resolution of HETA, the
FMA imposed a temporary moratorium on certain obligations of HETA (including the HETA-Notes) until
31 May 2016. Furthermore, according to publicly available information, the FMA intends to apply the bail-in tool under
the BaSAG with respect to liabilities of HETA (including the HETA-Notes) which would result in a (full or partial)
write-down of HETA's liabilities under the HETA-Notes.
As of 31 December 2014, UNIQA Group has written off all its claims under the subordinated HETA-Notes in the
amount of EUR 36 mn which resulted in a net loss of EUR 34.1mn. As of 31 March 2015, UNIQA Group has also
written off its claims under the unsubordinated HETA-Notes in the amount of EUR 25 mn which resulted in a net loss
of EUR 8.7 mn. There is a risk that UNIQA Group will be required to completely write-off the HETA-Notes held
within UNIQA Group on a permanent basis, in particular if (in case of the subordinated HETA-Notes) the legal actions
- 21 -
undertaken against the HaaSanG and the FMA-regulation will not be successful and/or (in case of all HETA-Notes) its
claims under the HETA-Notes will be subject to a bail-in tool exceeding the write-offs already made. This would have a
material negative impact on the financial situation of UNIQA.
Changes in taxation laws or in governmental policy could negatively affect UNIQA Group's business, results of
operations, financial condition and liquidity.
UNIQA Group's business is subject to taxation in the markets in which it operates, in particular in Austria, Western
Europe and CEE. Changes in the applicable tax legislation, in the interpretation of existing tax laws, amendments to
existing tax rates, or the introduction of new tax legislation, specifically with respect to taxation of insurance companies
and the pensions and savings of individuals, may adversely affect UNIQA Group's business. UNIQA Group may be
required to scale down existing operations, to abstain from its geographical expansion plans or to potentially cease
operations in markets.
As of 1 January 2012, Hungary increased the value added tax rate from 25% to 27%, and with effect from
1 January 2013, it implemented a new insurance premium tax levied on insures. A 15% tax rate applies to casco
insurances, and a 10% tax rate to property and accident insurances, whereas life and health insurance policies are not
subject to the new tax regime. If other countries also implemented a new insurance premium tax or increased their value
added tax rate, the demand for UNIQA Group's products in these countries could be adversely affected.
Amendments to applicable laws, orders and regulations may be issued or altered with retroactive effect. Additionally,
tax authorities may change their interpretations of tax laws at any time, which may lead to a higher tax burden on
UNIQA Group. While changes in taxation laws would affect the insurance sector as a whole, changes may be more
detrimental to particular operators in the industry.
Similarly, the design of long term insurance products such as life insurance is predicated on tax legislation valid at that
time. Future changes in tax legislation or its interpretation may, when applied to these products, have material adverse
effects on policyholder returns and UNIQA Group's customers' demand for certain insurance products, in particular in
UNIQA Group's pension and savings business. The design of long-term products takes into account, among other
things, risks, benefits, charges, expenses, investment returns (including bonuses) and taxation.
Moreover, changes in governmental policy, such as in relation to government subsidized pension plans, or changes in
local tax or legal regulations such as changes in taxation of certain life and health insurance products may affect
UNIQA Group's clients' ability or willingness to do business with UNIQA Group and may thus adversely affect demand
of UNIQA Group's insurance products.
Any of these developments could have a material adverse effect on UNIQA Group's business, financial condition and
results of operations.
UNIQA Group could be required to pay additional taxes following tax audits of the Group Companies.
The Group Companies (including partnerships) are regularly subject to tax audits. All tax assessment notices issued
which have not yet become final and binding or issued for tax periods not yet audited are subject to full review and,
therefore, can be changed by the tax authorities at any time without restrictions. The most recent Austrian tax audit of
UNIQA, UNIQA Österreich Versicherungen AG, UNIQA Österreich Versicherungen AG as the legal successor of
UNIQA Sachversicherung AG, UNIQA Österreich Versicherungen AG as the legal successor of CALL DIRECT
Versicherung AG and Raiffeisen Versicherung AG for Corporate Income Tax, Value Added Tax, Withholding Tax and
Contribution to the Chamber of Commerce covered the fiscal years 2003 through 2007. The most recent Austrian tax
audit of UNIQA Österreich Versicherungen AG, UNIQA Österreich Versicherungen AG as the legal successor of
UNIQA Sachversicherung AG, UNIQA Österreich Versicherungen AG as the legal successor of CALL DIRECT
Versicherung AG and Raiffeisen Versicherung AG for Insurance Premium Tax and Fire Brigade Tax covered the fiscal
years 2005 through 2007. The most recent tax audit of Salzburger Landes-Versicherung AG for Corporate Income Tax,
Value Added Tax, Withholding Tax, Contribution to the Chamber of Commerce, Insurance Premium Tax and Fire
Brigade Tax covered the fiscal years 2005 through 2007. As a result of these tax audits, UNIQA Group had to pay
EUR 20 mn in additional taxes. The most recent tax audit of FINANCE LIFE Lebensversicherung AG for Corporate
Income Tax, Value Added Tax, Withholding Tax, Contribution to the Chamber of Commerce, Insurance Premium Tax
and Fire Brigade Tax covered the fiscal years 2007 through 2011. As a result of this tax audit, the FINANCE LIFE
Lebensversicherung AG had to pay EUR 0.5 mn in additional taxes. Currently a tax audit of UNIQA, UNIQA
Österreich Versicherungen AG, UNIQA Österreich Versicherungen AG as the legal successor of CALL DIRECT
Versicherung AG, Raiffeisen Versicherung AG, Salzburger Landes-Versicherung AG and UNIQA International AG
- 22 -
covering the fiscal years 2008 through 2012 and of UNIQA Österreich Versicherungen AG as the legal successor of
UNIQA Sachversicherung AG covering the fiscal years 2008 through 2011 is ongoing, the results of which are
uncertain and may in particular oblige UNIQA Group to pay additional taxes. As a result of possibly divergent tax law
interpretations by the Austrian tax authorities in the course of tax audits, tax loss carry-forwards could be reduced, or
UNIQA Group could be obligated to pay additional taxes. Any of these factors could have material adverse effects on
Transferability of private health insurance in Austria could adversely affect UNIQA Group's market position, its
prospects, business, financial condition and results of operations.
According to UNIQA Group's assessment, UNIQA Group is a leading provider of private health insurance in Austria.
Private health insurance contracts are typically long-term agreements. Like other insurance companies, UNIQA Group
uses part of premiums paid to set up ageing provisions to account for increased benefits as the insured gets older. In
Austria, switching between private health insurance providers is economically unattractive because policyholders are
not entitled to transfer all or part of their ageing provision to a new insurer. Switching would result in significant losses
to policyholders and effectively ties the policyholder to UNIQA Group as their private health insurance provider.
Should Austria enact rules to allow policyholders to transfer all or part of their ageing provision to a new insurer,
UNIQA Group is likely to face strong competition from other Austrian private health insurers. Measures taken by
UNIQA Group's competitors may increase and incentivize policyholders to switch to other insurance providers. Such
development could have material adverse effects on UNIQA Group's market position, its prospects, business, financial
UNIQA Group is exposed to litigation risk.
In the course of its operating activities, UNIQA Group is exposed to risks resulting from legal disputes with its
customers, employees and business partners. These disputes mainly relate to insurance claims or employee disputes.
UNIQA Group cannot predict the outcome of any pending legal and arbitration proceedings or potential future legal and
arbitration proceedings with certainty and may incur substantial expenses in pursuing or defending these proceedings.
Potential liabilities may not be covered by insurance, UNIQA Group's insurers may dispute coverage or may be unable
to meet their obligations, or the amount of UNIQA Group's insurance coverage may be inadequate. Furthermore, while
most of the claims are individually immaterial, such claims, in the aggregate, may material adversely affect UNIQA
Group's business. This may result, for instance, if there are a large number of claims with similar facts, and there is an
adverse decision against UNIQA Group. Even if claims brought against UNIQA Group are unsuccessful or without
merit, UNIQA Group would have to defend itself against such claims. The defense of any such actions may be time
consuming and costly, may distract the attention of management and potentially result in reputational damage. As a
result, UNIQA Group may incur significant expenses and may be unable to effectively operate its business.
In addition, UNIQA Group may be subject to litigation from consumer protection associations and other unrelated thirdparties to enforce consumer protection laws. For instance, under Austrian consumer protection regulation, consumer
protection associations, competitors and natural persons may bring a court action in order to prohibit the use of clauses
in standard forms of agreements. If a clause or standard form is prohibited by a final judgment of a competent court,
such clause may no longer be applied by any entity operating in Austria. No assurance can be given that such claims
will not be raised. Even if the individual value of such claims is immaterial, they could adversely affect UNIQA Group's
business, financial condition and results of operations if resolved unfavourably for UNIQA Group and the total number
and value of such potential claims is material.
UNIQA Group cannot rule out the possibility that the number of such claims could increase in the future. Increasing
numbers of claims may result in negative publicity and may damage UNIQA Group's reputation, regardless of whether
or not allegations are valid, and ultimately lead to a decline in new business. Any of these factors may have a material
adverse effect on UNIQA Group's business, financial condition and results of operations.
The legal systems and procedural safeguards in many CEE countries are not yet fully developed.
The legal systems of most CEE countries have changed dramatically in recent years, particularly as a result of entry into
the European Union. In many cases, the interpretation and procedural safeguards of the new legal and regulatory
systems are still evolving, which may result in an inconsistent application of existing laws and regulations. Frequently,
there is no legal precedent or binding guidance from regulatory authorities as to legal interpretation. Courts or
regulatory authorities may interpret laws or regulations in a way that differs from then current practice, which may
result in UNIQA Group having to cease certain business practices or in UNIQA Group inadvertently violating
- 23 -
applicable law. Additionally, in some circumstances, it may not be possible to obtain a legal remedy in a reasonably
timely manner. If any of these events were to occur, it may have a material effect on UNIQA Group's business, financial
UNIQA Group may be exposed to re-privatization claims relating to certain of its real estate property in CEE.
After the Second World War, in certain CEE countries, privately-held real estate and business enterprises were
nationalized. In many cases, nationalization was in violation of prevailing laws. Many former owners or their legal
successors took steps to recover property that was expropriated after the war, or sought equivalent compensation.
UNIQA Group cannot rule out the possibility that such claims may be filed against UNIQA Group's companies in the
future and that UNIQA Group may be obliged to compensate former owners for nationalization of property or return
any real property confiscated. If these risks were to materialize, this may have material adverse effects on UNIQA
Group's business, financial condition and results of operations.
Changes in accounting standards or principles may have a material adverse effect on UNIQA Group's business,
The Consolidated Financial Statements of UNIQA Group have been prepared and presented in accordance with IFRS.
IFRS are standards issued by the International Accounting Standards Board ("IASB") and are subject to approval by the
EU ("endorsement"). Any changes in IFRS may have a material effect on the revenues, results of operations, and
consolidated equity presented in the Consolidated Financial Statements in any given year or fluctuations in figures from
year to year.
Significant changes in accounting standards may further necessitate organizational changes and expenses to adapt
existing or planned IT processes and systems in UNIQA Group. For example, IASB, in consultation with the Financial
Accounting Standards Board, has proposed a number of new accountancy standards and modifications to existing
standards. The new standard may negatively affect the manner of technical provisions evaluations and revenue and
costs identification and reporting. A standard with a particularly high potential impact is IFRS 4 (phase II) – "Insurance
Contracts". An amendment of this standard is in preparation and may have a material effect on UNIQA Group's
UNIQA Group is also subject to accounting principles, which are adopted and interpreted by administrative bodies, in
particular regulators and ministries in the countries in which UNIQA Group operates. Many of these regulations and
interpretations implicate other regulatory requirements, including solvency and other essential ratios, and financial
metrics that UNIQA Group uses, such as the level of technical provisions which it must maintain to satisfy obligations
under insurance agreements. Considering the numerous regulations and administrative entities applying or interpreting
accountancy principles, there may be divergent interpretations among these entities of the same accountancy principles
and each of them may seek to impose its own interpretation on UNIQA Group. This may result in UNIQA Group
reporting different financial information depending on the relevant jurisdiction or in UNIQA Group being in violation
of applicable accountancy rules in certain of the jurisdictions in which it operates, which may have material adverse
effects on UNIQA Group's business, financial condition and results of operations.
Risks relating to the Notes
An investment in the Notes involves certain risks associated with the characteristics, specification and type of the Notes
which could lead to substantial losses that Noteholders would have to bear in the case of selling their Notes or with
regard to receiving interest payments and repayment of principal. Risks regarding the Notes comprise, inter alia, the
following risks:
Notes may not be a suitable investment for all investors
Each potential investor in Notes must determine the suitability of that investment in light of its own circumstances. In
particular, each potential investor should:
-
have sufficient knowledge and experience to make a meaningful evaluation of the Notes, the merits and risks of
investing in the Notes and the information contained or incorporated by reference in this Prospectus (any
applicable supplement to this Prospectus);
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-
have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its particular
financial situation and the investment(s) it is considering, an investment in the Notes and the impact the Notes
will have on its overall investment portfolio;
-
have sufficient financial resources and liquidity to bear all of the risks of an investment in the Notes, including
cases in which the currency for principal or interest payments is different from the potential investor's currency;
-
understand thoroughly the Terms and Conditions and the content of this Prospectus;
-
be able to evaluate, either alone or with the help of a financial adviser, possible scenarios for economic, interest
rate and other factors that may affect its investment and its ability to bear the applicable risks; and
-
recognise that it may not be possible to dispose of the Notes for a substantial period of time, if at all.
The Notes are complex financial instruments. Sophisticated institutional investors generally purchase complex financial
instruments as part of a wider portfolio strategy rather than as stand-alone investments. They purchase complex
financial instruments as a way to reduce risk or enhance yield with a measured and appropriate addition of risk to their
overall portfolios, and only after performing an intensive analysis of all involved risks. A potential investor should not
invest in the Notes - which are complex financial instruments - unless it has the expertise (either alone or with a
financial adviser) to evaluate how the Notes will perform under changing conditions, the resulting effects on the value
of the Notes and the impact this investment will have on the potential investor's overall investment portfolio.
No Interest Amount will be paid in respect of the Notes if a Mandatory Suspension Event prevails on a due date for
interest; the right to receive such payment of interest may be deferred.
Following a Mandatory Suspension Event (as defined in § 4(3) of the Terms and Conditions) and for as long as such
Mandatory Suspension Event continues, the Issuer is prohibited from making any payments of interest on the Notes.
Accordingly, Noteholders are exposed to not receive payments of interest, if a Mandatory Suspension Event occurs.
No Redemption Amount will be paid in respect of the Notes if the Redemption Conditions are not fulfilled; the right
to receive such payment of the Redemption Amount may be deferred.
Pursuant to § 5(6) of the Terms and Conditions certain conditions (the "Redemption Conditions") have to be met
before payment of the Redemption Amount (i.e. principal plus interest accrued) can be made. The Redemption
Conditions are fulfilled on any day with respect to a scheduled redemption or a planned repurchase of the Notes, if:
(a) a redemption payment or a repurchase would not result in, or accelerate, the occurrence of an Insolvency Event (as
defined in § 4(3) of the Terms and Conditions); and (b) no Solvency Capital Event (as defined in § 4(5)(b) of the Terms
and Conditions) has occurred and is continuing or would be caused by the redemption or the repurchase of the Notes,
unless: (i) the Supervisory Authority has exceptionally given, and not withdrawn by such date, its prior approval to the
redemption of the Notes and the payment of the Redemption Amount or to the repurchase of the Notes despite the
Solvency Capital Event; and (ii) the capital is replaced by another tier 1 or tier 2 basic own-fund item of at least the
same quality with the approval of the Supervisory Authority; and (iii) the minimum capital requirement (MCR)
(howsoever described in the Applicable Supervisory Law) pursuant to the Applicable Supervisory Law is complied with
after the redemption of the Notes and the payment of the Redemption Amount or the repurchase of the Notes is made;
and (c) the Supervisory Authority has given, and not withdrawn by such day, its prior consent to the redemption of the
Notes or to the repurchase of the Notes; and (d) in the event of a redemption or a repurchase of the Notes or a
substitution pursuant to § 12 prior the later of 1 January 2021 and the fifth anniversary of the Solvency II
Implementation Date, the capital has been replaced by another tier 1 or tier 2 basic own-fund item of at least the same
quality (if such replacement is still required at that time for the Notes to be eligible as Tier 2 of the Issuer and/or the
UNIQA Group under the Applicable Supervisory Law). Accordingly, Noteholders are exposed to the risk not to receive
payments of the Redemption Amount on any day with respect to a scheduled redemption or a planned repurchase of the
Notes if the Redemption Conditions are not fulfilled.
Payments of interest under the Notes may be deferred at the election of the Issuer even if no Mandatory Suspension
Event has occurred.
The Issuer has the option to defer any payment of interest on the Notes, if the requirements for an optional deferral as
set out in § 4(4) of the Terms and Conditions (Optional deferral of interest payments) are satisfied. If the Issuer elects to
defer, in whole or in part, accrued interest on an Optional Interest Payment Date, then it will not have any obligation to
pay accrued interest on such Optional Interest Payment Date or will only be obliged to pay such part of the accrued
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interest it elects not to defer, respectively. Any such non-payment will not constitute a default of the Issuer or any other
breach of its obligations under the Notes or for any other purpose.
The Competent Supervisory Authority may not consent to the payment of deferred interest or principal.
The Terms and Conditions contain provisions stipulating that payment of deferred interest and principal is subject to,
inter alia, consent to such payment by the Supervisory Authority. The Supervisory Authority may reject such consent
even though the Issuer and UNIQA Group comply with the Applicable Supervisory Law.
Claims under the Notes are subordinated.
The Issuer's obligations under the Notes are direct, unsecured and subordinated obligations of the Issuer ranking
(i) junior to all present or future unsubordinated instruments or obligations of the Issuer; (ii) pari passu among
themselves, and at least pari passu with all other present or future unsecured instruments or obligations of the Issuer
which rank, or are expressed to rank junior to all unsubordinated obligations or instruments (including obligations in
relation to supplementary capital (Ergänzungskapital) pursuant to § 73c(2) of the Austrian Insurance Supervision Act)
of the Issuer (the "Parity Instruments"); and (iii) senior to all present or future instruments or obligations of the Issuer
which rank, or are expressed to rank, junior to the obligations of the Issuer under the Notes, including obligations in
relation to, participation capital (Partizipationskapital) pursuant to § 73c(1) of the Austrian Insurance Supervision Act
as well as share capital (Grundkapital) of any class and any other tier 1 own-fund item pursuant to Applicable
Supervisory Law (all such obligations and shares, the "Junior Instruments").
In the event of the liquidation, dissolution or insolvency of the Issuer or any proceeding for the avoidance of insolvency
of the Issuer, the obligations of the Issuer under the Notes shall be subordinated to the claims of all holders of
unsubordinated obligations so that in any such event and as long as the equity of the Issuer is negative in the meaning of
§ 255(1) Austrian Commercial Code (Unternehmensgesetzbuch – UGB) (negatives Eigenkapital) payments in respect of
the Notes will not be made until all claims against the Issuer under obligations which rank senior to obligations of the
Issuer under the Notes in accordance with the Terms and Conditions or by operation of law have been satisfied in full.
Only after the aforementioned claims will first have been satisfied and the obligations of the Issuer under the Notes
have been satisfied in full, may any remaining assets be distributed to holders of any instruments that rank junior to the
Notes.
The Noteholders declare that no insolvency proceedings against the Issuer are required to be opened in relation to the
obligations of the Issuer under the Notes. The Notes do not contribute to a determination that the liabilities of the Issuer
exceed its assets; therefore the obligations of the Issuer under the Notes, if any, will not contribute to the determination
of over-indebtedness (Überschuldung) in accordance with § 67(3) of the Austrian Insolvency Code (Insolvenzordnung IO).
The Noteholders must accept that, in the circumstances described above, (i) the Issuer will make payments in respect of
the Notes only in accordance with the subordination described above, and (ii) the rights of the Noteholders under the
Notes will be subject to the provisions of the insolvency laws applicable to the Issuer from time to time.
In any case, there is a significant risk that an investor in the Notes will lose all or some of its investment should the
Issuer become insolvent.
Investors are subject to the risk of partial or total failure of the Issuer to make interest and/or redemption payments that
the Issuer is obliged to make under the notes. This may lead to the partial or total loss for the investor in the Notes. This
risk is aggravated by the fact that the Notes are unsecured and subordinated.
There is no limitation on the Issuer to incur additional indebtedness or guarantees ranking senior or pari passu with
the Notes.
The Issuer has not entered into any restrictive covenants in connection with the issuance of the Notes regarding its
ability to incur additional indebtedness or guarantees ranking pari passu or senior to the obligations under or in
connection with the Notes. The incurrence of any such additional indebtedness or guarantees may significantly increase
the likelihood of a deferral of interest payments under the Notes and/or may reduce the amount recoverable by
Noteholders in the event of insolvency or liquidation of the Issuer.
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Potential postponement of the maturity date of the Notes.
If on the Scheduled Maturity Date (as defined in § 1 of the Terms and Conditions) the Redemption Conditions are not
fulfilled, the Notes will only be redeemed on the next Floating Interest Payment Date following the Scheduled Maturity
Date, and on which the Redemption Conditions are fulfilled.
Therefore, Noteholders are exposed to the risk not to receive their investment back at the Scheduled Maturity Date but
at a later point in time than initially expected.
If the Notes are not redeemed on the Scheduled Maturity Date due to the reasons set out above, Noteholders will not
receive any additional compensation for the postponement of the redemption.
Despite their long maturity, the Notes may not be redeemed at the option of the Noteholders, and any rights of the
Issuer to redeem or repurchase the Notes prior to their Scheduled Maturity Date (if any) are subject to the prior
approval of the Supervisory Authority.
The Noteholders have no rights to call for the redemption of their Notes and should not invest in the Notes in the
expectation that any redemption right will be exercised by the Issuer.
Subject to certain conditions as set forth in § 5(2) of the Terms and Conditions, the Issuer may at its sole discretion,
upon the occurrence of certain Early Redemption Events (i.e. a Regulatory Event, a Gross-up Event, a Tax Event, an
Accounting Event or a Rating Agency Event), redeem the Notes early at the Redemption Amount on the date fixed for
redemption. This redemption is subject to the Redemption Conditions (as defined in § 5(6) of the Terms and
Conditions, the "Redemption Conditions") being fulfilled. In addition, the Issuer may at its sole discretion redeem the
Notes, on a specified call date (i.e. the First Issuer Call Date) at the applicable Redemption Amount and subject to the
Redemption Conditions being fulfilled.
Noteholders should therefore be aware that they may be required to bear the financial risks of an investment in the
Notes until their final maturity.
If the Notes are redeemed prior to the Scheduled Maturity Date, a Noteholder is exposed to the risk that due to the early
redemption his investment will have a lower than expected yield and to the risks connected with any reinvestment of the
cash proceeds received as a result of the early redemption. Noteholders will receive the Redemption Amount upon any
early redemption. The Redemption Amount may be lower than the then prevailing market price of the Notes.
The Terms and Conditions do not provide for any express events of default provision and no termination rights.
Noteholders should be aware that the Terms and Conditions do not contain any express events of default provisions.
Accordingly, Noteholders may not be in a position to call their Notes for redemption upon default of the Issuer.
Noteholders are exposed to the risk not to receive payments of Arrears of Interest prior to the redemption of the
Notes
Accrued interest in respect of an interest period for which the Issuer may not pay interest or decides not to pay interest
according to the Terms and Conditions will constitute arrears of interest ("Arrears of Interest"). Noteholders will not
receive any interest or other compensation in case of a deferral of interest payments. In particular, Arrears of Interest
will not bear interest. The Issuer is only in certain cases (see § 4(7) of the Terms and Conditions) obliged to pay Arrears
of Interest prior to a redemption of the Notes. Thus, investors must not expect to receive any payments of Arrears of
Interest prior to the redemption of the Notes.
Payments under the Notes may be subject to withholding tax pursuant to FATCA
The Issuer, any intermediary or agent may under certain circumstances, be required under Sections 1471 through 1474
of the U.S. Internal Revenue Code of 1986, as amended and the regulations promulgated thereunder ("FATCA") to
withhold, as of 1 January 2017 (at the earliest), U.S. tax at a rate of 30.00 per cent. on all or a portion of payments of
principal and interest which are treated as "foreign pass-thru payments" if the Issuer is or becomes a foreign financial
institution (as defined in FATCA) if such payment is made to certain holders that do not comply with certain
information requests and to foreign financial institutions unless the payee foreign financial institution enters into an
agreement with the U.S. Internal Revenue Service or other relevant taxing authority to, among other things, disclose the
identity of certain U.S. account holders at the institution (or the institution's affiliates), annually report certain
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information about such accounts and comply with certain rules or laws relating to an applicable intergovernmental
agreement implementing FATCA in a specific jurisdiction or otherwise deemed compliant with FATCA.
Whilst the Notes are in global form and held within or on behalf of Clearstream Banking S.A., Luxembourg 42 Avenue
JF Kennedy, L-1855 Luxembourg, Luxembourg and Euroclear Bank SA/NV 1, Boulevard du Roi Albert II, B - 1210
Brussels as operator of the Euroclear System (the "Clearing Systems"), in all but the most remote circumstances, it is
not expected that FATCA will affect the amount of any payment received by the relevant Clearing System. However,
FATCA may affect payments made to custodians or intermediaries in the subsequent payment chain leading to the
ultimate investor if any such custodian or intermediary generally is unable to receive payments free of FATCA
withholding. It also may affect payment to any ultimate investor that is a financial institution that is not entitled to
receive payments free of withholding under FATCA, or an ultimate investor that fails to provide its broker (or other
custodian or intermediary from which it receives payment) with any information, forms, other documentation or
consents that may be necessary for the payments to be made free of FATCA withholding. Investors should choose the
custodians or intermediaries with care (to ensure each is compliant with FATCA or other laws or agreements related to
FATCA), provide each custodian or intermediary with any information, forms, other documentation or consents that
may be necessary for such custodian or intermediary to make a payment free of FATCA withholding. Investors should
consult their own tax adviser to obtain a more detailed explanation of FATCA and how FATCA may affect them. The
Issuer's obligations under the Notes are discharged once it has made payments to, or to the order of, the relevant
Clearing System and the Issuer has therefore no responsibility for any amount thereafter transmitted through hands of
the relevant Clearing System and custodians or intermediaries.
The future development of the Issuer's assets, financial and profit position, inter alia, depends on the tax framework.
Every future change in legislation, in particular the introduction of a financial transaction tax, may negatively
impact on the Issuer's assets, financial and profit position.
Pursuant to the proposal by the EU-Commission for a "Council Directive implementing enhanced cooperation in the
area of financial transaction tax" eleven EU-Member States, i.e. Austria, Belgium, Estonia, France, Germany, Greece,
Italy, Portugal, the Slovak Republic, Slovenia and Spain ("Participating Member States") shall charge a financial
transaction tax ("FTT") on financial transactions as defined if at least one party to the transaction is established in the
territory of a Participating Member State and a financial institution (which term includes insurance companies)
established in the territory of a Participating Member State is party to the transaction, acting either for its own account
or for the account of another person, or is acting in the name of a party to the transaction (residency principle). In
addition, the proposal contains rules pursuant to which a financial institution and, respectively, a person which is not a
financial institution are deemed to be established in the territory of a Participating Member State if they are parties to a
financial transaction in certain instruments issued within the territory of that Participating Member State (issuance
principle). Financial transactions related to derivatives contracts shall be taxed at a minimum rate of 0.01% on the
notional amount referred to in the derivatives contract; all other financial transactions (e.g. the purchase and sale of
shares, bonds and equivalent securities, money market instruments or fund units) shall be taxed at a minimum rate of
0.1% with the taxable amount being everything which constitutes consideration paid or owed from the counterparty or a
third party in return for the transfer. The proposal provides for the FTT to apply as of 1 January 2014 (which deadline,
however, has obviously not been met). It is unclear whether the FTT will be introduced in the proposed form at all. The
proposed FTT has a very broad scope and could, if introduced in its current form, apply to certain dealings in the Notes
(including secondary market transactions) in certain circumstances. If the FTT is introduced, due to higher costs for
investors there is a risk that it would result in fewer transactions taking place, thereby negatively affecting the
investment income of the Issuer. Prospective holders of the Notes are advised to seek their own professional advice in
relation to the FTT.
There is a risk that no liquid secondary market for the Notes will develop or, if it does develop, that it will not
continue (liquidity risk)
Application has been made to the Vienna Stock Exchange for the Notes to be admitted to trading and to be listed on the
Geregelter Freiverkehr (Second Regulated Market) of the Vienna Stock Exchange. However, there is a risk that no
liquid secondary market for the Notes will develop or, if it does develop, that it will not continue. The fact that the
Notes may be listed does not necessarily lead to greater liquidity as compared to unlisted Notes. In an illiquid market,
an investor is subject to the risk that he will not be able to sell its Notes at any time or at fair market prices. The
possibility to sell the Notes might additionally be restricted by country specific reasons.
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There is a risk that trading in the Notes will be suspended, interrupted or terminated
The listing of the Notes may, depending on the applicable rules, be suspended or interrupted by the stock exchange or
the competent regulatory authority for a number of reasons, including violation of price limits, breach of statutory
provisions, occurrence of operational problems of the stock exchange or generally if deemed required in order to secure
a functioning market or to safeguard the interests of investors. Furthermore, trading in the Notes may be terminated,
either upon decision of the stock exchange, a regulatory authority or upon application by the Issuer. Noteholders should
note that the Issuer has no influence on trading suspension or interruptions (other than where trading in the Notes is
terminated upon the Issuer's decision) and that Noteholders in any event must bear the risks connected therewith. In
particular, Noteholders may not be able to sell their Notes where trading is suspended, interrupted or terminated, and the
stock exchange quotations of such Notes may not adequately reflect the price of such Notes. Finally, even if trading in
Notes is suspended, interrupted or terminated, Noteholders should note that such measures may neither be sufficient nor
adequate nor in time to prevent price disruptions or to safeguard the Noteholders' interests; for example, where trading
in Notes is suspended after price-sensitive information relating to such Notes has been published, the price of such
Notes may already have been adversely affected. All these risks would, if they materialize, have a material adverse
effect on the price of the Notes.
Noteholders assume the risk that the credit spread of the Issuer changes (credit spread risk).
Noteholders should be aware that the market yield has two components, namely the risk free rate and the credit spread.
A credit spread is the margin payable by the Issuer to the Noteholder as a premium for the assumed credit risk. Credit
spreads are offered and sold as premiums on current risk-free interest rates or as discounts on the price.
The credit spread is reflective of the yield that investors require in addition to the yield on a risk free investment of
equal tenor as a compensation for the risks inherent in the Notes. The credit spread changes over time and can decrease
as well as increase for a large number of different reasons. The market yield of the Notes can change due to changes of
the credit spread, the risk free rate, or both.
Factors influencing the credit spread include, among other things, the creditworthiness and rating of the Issuer,
probability of default, recovery rate, remaining term to maturity of the Notes and obligations under any collateralization
or guarantee and declarations as to any preferred payment or subordination. The liquidity situation, the general level of
interest rates, overall economic developments, and the currency, in which the relevant obligation is denominated may
have a positive or negative effect.
Noteholders are exposed to the risk that the credit spread of the Issuer widens resulting in a decrease in the price of the
Notes.
Noteholders are exposed to market price risk in any sale of Notes (market price risk).
The development of market prices of the Notes depends on various factors, such as changes of market interest rate
levels, the policies of central banks, overall economic developments, inflation rates or the lack of or excess demand for
the Note. The Noteholders are therefore exposed to the risk of an unfavourable development of market prices of their
Notes which materialise if the Noteholders sell the Notes prior to the final maturity. If a Noteholder decides to hold the
Notes until final maturity, the Notes will be redeemed at the principal amount of the Notes.
Noteholders are exposed to the risk of partial or total failure of the Issuer to make interest and/or redemption
payments under the Notes, including a total loss of the invested capital (credit risk)
Investors are subject to the risk of a partial or total failure of the Issuer to make interest and/or redemption payments
that the Issuer is obliged to make under the Notes. The worse the creditworthiness of the Issuer, the higher is the risk of
loss. A materialization of the credit risk may result in partial or total failure of the Issuer to make interest and/or
redemption payments. This risk is even higher for the Notes than for other (unsubordinated) debt of the Issuer as the
Notes are according to their Terms and Conditions subordinated to all unsubordinated obligations of the Issuer. Thus,
Noteholders would be among the first investors of the Issuer suffering losses if the credit risk would materialize.
The market price of the Notes could decrease if the creditworthiness of the Issuer worsens
If the likelihood that the Issuer will be in a position to fully perform all obligations under the Notes when they fall due
decreases, for example, because of the materialisation of any of the risks regarding UNIQA Group or the Issuer, the
market value of the Notes will suffer. In addition, even if the likelihood that the Issuer will be in a position to fully
- 29 -
perform all obligations under the Notes when they fall due actually has not decreased, market participants could
nevertheless have a different perception. In addition, the market participants' estimation of the creditworthiness of
corporate debtors in general or debtors operating in the same business as UNIQA Group could adversely change. If any
of these risks occurs, third parties are likely only to be willing to purchase Notes for a lower price than before the
materialisation of the mentioned risk. Under these circumstances, the market value of the Notes will decrease.
Furthermore, market participants may utilize credit ratings issued by credit rating agencies in relation to the Notes or the
Issuer to assess the credit quality of the Notes or the creditworthiness of the Issuer. Such credit ratings may however not
accurately reflect the actual credit quality of the Notes or the actual financial position of the Issuer. Should such
inaccuracy be discovered, the market value of the Notes may change to a level adequate for the actual credit quality or
financial position respectively. Moreover, changes in ratings of the Issuer or the Notes may have an impact on the
market value of the Notes.
Noteholders for whom the Euro represents a foreign currency are exposed to the risk of changes in currency
exchange rates.
The Notes are denominated in Euro. If such currency represents a foreign currency to a Noteholder, such Noteholder is
particularly exposed to the risk of changes in currency exchange rates which may affect the yield of such Notes in the
currency of the Noteholder. Changes in currency exchange rates result from various factors such as macro-economic
factors, speculative transactions and interventions by central banks and governments. In addition, government and
monetary authorities may impose (as some have done in the past) exchange controls that could adversely affect an
applicable currency exchange rate. As a result, investors may receive less interest or principal than expected, or no
interest or principal at all.
Fixed rate Notes bear a market risk
A holder of Notes with a fixed interest rate is exposed to the risk that the price of such Notes falls as a result of
increasing market interest rates. While the nominal interest rate of the Notes is fixed, the current interest rate on the
capital market (market interest rate) typically changes on a daily basis. As the market interest rate changes, the price of
the Notes changes typically in the opposite direction. If the market interest rate increases, the price of the Notes would
typically fall and if the market interest rate falls, the price of the Notes would typically increase. Hence, holders of
Notes should be aware that movements of the market interest rate can adversely affect the price of the Notes and can
lead to losses if holders of Notes sell their Notes.
A change of the interest rate may affect the secondary market and the market value of the Notes (fixed-to-floating
rate Notes).
The Notes bear interest at a fixed rate to (but excluding) the First Issuer Call Date.
During that time, Noteholders are exposed to the risk that the price of such Notes may fall because of changes in the
market yield. While the nominal interest rate (i.e. the coupon) of the Notes is fixed until (but excluding) the First Issuer
Call Date, the market yield typically changes on a daily basis. As the market yield changes, the price of the Notes
changes in the opposite direction. If the market yield increases, the price of the Notes falls. If the market yield falls, the
price of the Note increases. Noteholders should be aware that movements of the market yield can adversely affect the
price of the Notes and can lead to losses for the Noteholders.
If the Notes are not called on the First Issuer Call Date, the Notes will bear interest at a floating rate from the First Issuer
Call Date (including) on (i.e. until the Final Maturity Date (excluding), if any).
The floating rate applicable to the Notes from (and including) the First Issuer Call Date is based on two components,
namely the Rate of Interest and the Margin. The floating rate (i.e. the coupon) is payable quarterly, and will be adapted
immediately prior to any Floating Interest Period to the then prevailing Rate of Interest plus the Margin.
Noteholders should be aware that the floating rate interest income is subject to changes to Rate of Interest and therefore
cannot be anticipated. Hence, Noteholders are not able to determine a definite yield of the Notes at the time they purchase
them, so that their return on investment cannot be compared with that of investments in simple fixed rate (i.e. fixed rate
coupons only) instruments.
Since the Margin is fixed at issuance of the transaction, Noteholders are subject to the risk that the Margin does not
reflect the spread that investors require in addition to the Rate of Interest as a compensation for the risks inherent in the
Notes ("market spread"). The market spread typically changes on a daily basis. As the market spread changes, the price of
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the Notes changes in the opposite direction. A decrease of the market spread has a positive impact on the price of the
Notes, an increase of the market spread has a negative impact on the price of the Notes. However, the price of the Notes
is subject to changes in the market spread, changes in the Rate of Interest or both. Noteholders should be aware that
movements of the market spread can adversely affect the price of the Notes and can lead to losses for the Noteholders.
Due to future money depreciation (inflation), the real yield of an investment may be reduced.
The value of assets such as the Notes or income therefrom will decrease as inflation reduces the purchasing power of a
currency. Inflation causes the rate of return to decrease in value. If the inflation rate exceeds the interest paid on any
Notes, the real yield on such Notes will become negative.
There is a risk that Noteholders may not be able to reinvest proceeds from the Notes at equal conditions
(reinvestment risk).
In case of sales before maturity, in the event of an early redemption or redemption at maturity of the Notes, there is no
assurance that investors are able to reinvest the proceeds in comparable notes with an at least equal yield. The same
applies to interest payments. If Noteholders want to invest such proceeds in comparable transactions, Noteholders will
only be able to reinvest such proceeds in comparable transactions at the then prevailing lower market yields (or market
spreads respectively).
Because the Global Notes are held by or on behalf of the relevant Clearing System(s), Investors will have to rely on
their procedures for transfer, payment and communication with the Issuer.
The Notes will be represented by one or more Global Notes. The Global Notes will be kept in custody by or on behalf of
a Clearing System. Investors will not be entitled to receive definitive Notes. The relevant Clearing System(s) will
maintain records of the beneficial interests in the Global Notes. While the Notes are represented by one or more Global
Notes, investors will be able to trade their beneficial interests only through the Clearing System(s) and the Issuer will
discharge its payment obligations under the Notes by making payments to or to the order of, the Clearing System(s) for
distribution to their account holders. A holder of a beneficial interest in a Global Note must rely on the procedures of the
Clearing System(s) to receive payments under the Notes. The Noteholders shall be aware that the Issuer has no
responsibility or liability for the records relating to, or payments made in respect of beneficial interests in the Global
Notes.
Legal investment considerations may restrict certain investments.
The investment activities of certain investors are subject to legal investment laws and regulations, or review or regulation
by certain authorities. Each potential investor should consult its legal advisers to determine whether and to what extent
(i) Notes are legal investments for it, (ii) Notes can be used as collateral for various types of borrowing and (iii) other
restrictions apply to its purchase or pledge of any Notes. Financial institutions should consult their legal advisors or the
appropriate regulators to determine the appropriate treatment of Notes under any applicable risk-based capital or similar
rules.
The transaction costs may reduce the earnings from the Notes.
The yield on the Notes may be reduced by transaction costs. When Notes are purchased or sold, several types of
incidental costs (including transaction fees and commissions) are incurred in addition to the price for the Notes. These
incidental costs may significantly reduce or even exclude the profit potential of the Notes. For instance, credit institutions
as a rule charge their clients for own commissions which are either fixed minimum commissions or pro-rata commissions
depending on the order value. To the extent that additional – domestic or foreign – parties are involved in the execution
of an order, including but not limited to domestic dealers or brokers in foreign markets, Noteholders must take into
account that they may also be charged for brokerage fees, commissions and other fees and expenses of such parties (third
party costs). In addition to such costs directly related to the purchase of Notes (direct costs), Noteholders must also take
into account any follow-up costs (such as custody fees). Investors should inform themselves about any additional costs
incurred in connection with the purchase, custody or sale of the Notes before investing in the Notes.
Noteholders must further take into account that upon sales or purchases of Notes prior to an interest payment date
(depending on their type and features), the consideration received or paid may or may not include a compensation for
accrued interest.
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Potential purchasers and sellers of the Notes should be aware that they may be required to pay taxes or other
documentary charges when implementing the transaction.
Potential purchasers and sellers of the Notes should be aware that they may be required to pay taxes or other
documentary charges or duties in accordance with the laws and practices of the country where the Notes are transferred
or other jurisdictions. An effective yield on the Notes may be diminished by the tax impact on an investment in the Notes.
Payments of interest on the Notes, or profits realised by the Noteholder upon the sale or repayment of the Notes, may be
subject to taxation in its home jurisdiction or in other jurisdictions in which it is required to pay taxes. The tax impact on
an individual Noteholder may differ from the situation described for Noteholders generally. Potential investors are
advised not to rely upon the tax summary contained in this document and/or in the Final Terms but to ask for their own
tax adviser's advice on their individual taxation with respect to the acquisition, sale and redemption of the Notes.
All investors are advised to contact their own tax advisors for advice on the tax impact of an investment in the Notes.
Examples of taxation risk that investors should consider together with their advisors include among others the risk of
double taxation (in Austria and their home jurisdiction). Only these advisers are in a position to duly consider the specific
situation of the potential investor.
Under the EU Savings Directive, if a payment were to be made or collected through a paying agent in a state which
has opted for a withholding system and an amount of, or in respect of tax were to be withheld from that payment,
neither the Issuer nor any paying agent nor any other person would be obliged to pay additional amounts with
respect to any Notes as a result of the imposition of such withholding tax (no gross-up). Further, the EU Savings
Directive generally requires EU Member States to provide details of payments of interest and other similar income to
the tax authorities of another EU Member State.
Council Directive 2003/48/EC of 3 June 2003 on taxation of savings income in the form of interest payments, as
amended (the "EU Savings Directive") obliges each EU Member State to provide to the tax authorities of other EU
Member States details of payments of interest (or similar income) paid by a paying agent within its jurisdiction to an
individual resident in that other EU Member State, except that originally Austria, Belgium and Luxembourg had instead
imposed a withholding system for a transitional period (the ending of such transitional period being dependent upon the
conclusion of agreements relating to information exchange with certain other countries) unless during that period they
elect otherwise. Belgium abandoned the transitional withholding system and has been providing information in
accordance with the EU Savings Directive since 1 January 2010. Also Luxembourg switched from the withholding
system to the exchange of information system as of 1 January 2015. A number of other non-EU countries and territories,
including Switzerland, have agreed to adopt measures similar to those contained in the EU Savings Directive (a
withholding system in the case of Switzerland) with effect from the adoption of the EU Savings Directive.
Council Directive 2014/48/EU of 24 March 2014 amending Directive 2003/48/EC on taxation of savings income in the
form of interest payments broadens the definition of interest income (thereby including, inter alia, income from
instruments equivalent to debt claims and certain life insurance products) and extends the scope to interest income
derived by individuals via certain entities and legal arrangements.
On 18 March 2015 the European Commission published a proposal for a "Council Directive repealing Council
Directive 2003/48/EC". Pursuant thereto, the EU Savings Directive shall in general be repealed with effect from
1 January 2016. However, pursuant to detailed grandfathering provisions, Austria shall in general continue to apply it
until 31 December 2016.
If a payment were to be made or collected through a paying agent in a state which has opted for a withholding system and
an amount of, or in respect of tax were to be withheld from that payment, neither the Issuer nor any paying agent nor any
other person would be obliged to pay additional amounts with respect to any Notes as a result of the imposition of such
withholding tax.
Margin lending may increase the risk to a Noteholder of non-performance of the Notes.
Margin lending, where it is permitted, can materially increase the risk to a Noteholder of non-performance of the Notes.
If a loan is used to finance the acquisition of the Notes and the Notes subsequently go into default, or if the trading price
diminishes significantly, the Noteholder not only has to face a potential loss on its investment, but it will also have to
repay the loan and pay interest thereon. This may significantly increase the risk of a loss. Investors should not assume
that they will be able to repay the loan or pay interest thereon from the profits of a transaction. Instead, investors should
assess their financial situation prior to an investment, as to whether they are able to pay interest on the loan, or to repay
the loan on demand, even if they may suffer losses instead of realising gains.
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Resolutions of Noteholders
Since the Notes provide for meetings of Noteholders or the taking of votes without a meeting, a Noteholder is subject to
the risk of being outvoted by a majority resolution of the Noteholders. As such majority resolution is binding on all
Noteholders, certain rights of such Noteholder against the Issuer under the Terms and Conditions may be amended or
reduced or even cancelled.
Noteholders' Representative
Since the Notes provide for the appointment of a Noteholders' representative (gemeinsamer Vertreter), it is possible that
a Noteholder may be deprived of its individual right to pursue and enforce its rights under the Terms and Conditions
against the Issuer, such right passing to the Noteholders' representative who is then exclusively responsible to claim and
enforce the rights of all the Noteholders.
An Austrian court can appoint a trustee for the Notes to exercise the rights and represent the interests of
Noteholders on their behalf in which case the ability of Noteholders to pursue their rights under the Notes
individually may be limited.
Pursuant to the Austrian Notes Trustee Act (Kuratorengesetz), a trustee (Kurator) can be appointed by an Austrian court
upon the request of any interested party (e.g. a Noteholder) or upon the initiative of the competent court, for the purposes
of representing the common interests of the Noteholders in matters concerning their collective rights. In particular, this
may occur if insolvency proceedings are initiated against the Issuer, in connection with any amendments to the Terms
and Conditions or changes relating to the Issuer, or under other similar circumstances. If a trustee is appointed, it will
exercise the collective rights and represent the interests of the Noteholders and will be entitled to make statements on
their behalf which shall be binding on all Noteholders. Where a trustee represents the interests and exercises the rights of
Noteholders, this may conflict with or otherwise adversely affect the interests of individual or all Noteholders.
Ratings of the Notes, if any, may not reflect the potential impact of all risks and may be subject to change or
withdrawal at any time.
One or more independent credit rating agencies may assign credit ratings to the Notes. The ratings may not reflect the
potential impact of all risks and other factors that may affect the value of the Notes. A credit rating is not a
recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time. Rating
agencies may change their methodologies for rating securities with features similar to the Notes in the future. If the rating
agencies were to change their practices for rating such securities in the future and the ratings of the Notes were to be
subsequently lowered, this may have a negative impact on the trading price of the Notes.
The Notes are governed by German (and partly Austrian) law, and changes in applicable laws, regulations or
regulatory policies may have an adverse effect on the Issuer, the Notes and the Noteholders.
The Terms and Conditions will be governed by German law (save for that § 3 (1) of the Terms and Conditions is
governed by Austrian law). Noteholders should thus note that the governing law may not be the law of their own home
jurisdiction and that the law applicable to the Notes may not provide them with similar protection as their own law.
Furthermore, no assurance can be given as to the impact of any possible judicial decision or change to German and/or
Austrian law, or administrative practice after the date of this Prospectus.
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INFORMATION ON THE ISSUER
Formation, registered office and duration
The Issuer is a stock corporation established in 27 July 1922 under the name "Versicherungsanstalt der österreichischen
Bundesländer, Versicherungsaktiengesellschaft" under Austrian law for an indefinite period. The Issuer's legal name is
"UNIQA Insurance Group AG". The legal name of the Issuer changed with effect from 16 July 2013 from "UNIQA
Versicherungen AG" to the current one. Its registered seat is Vienna, Austria, and its business address is Untere
Donaustraße 21, 1029 Vienna, Austria, Tel. +43 1 211 75 3773. The Issuer is registered in the Austrian Companies
Register (Firmenbuch) in Vienna under registration number FN 92933t.
Financial year
The Issuer's financial year corresponds to the calendar year and thus commences on 1 January and ends on
31 December.
Corporate object of the Issuer
According to Sec. 2 para 1 of UNIQA's Articles of Association, the Issuer's core business includes insurance and
reinsurance as well as activities related thereto, to the extent that such operations have been licensed by the FMA.
Moreover, pursuant to Sec. 2 para 2 of UNIQA's Articles of Association, the Issuer may hold interests in other
companies, act as insurance broker, be active in the business of brokerage of mortgage loans and personal loans as well
as securities brokerage, to the extent that such activities are connected with the insurance business, and brokerage of
building savings contracts, may further provide services in automatic data processing and information technology,
establish and manage organizational facilities for companies in which the Issuer holds an interest or with which
cooperation agreements have been entered into, engage in administrative services for companies in which the Issuer
holds an interest, and may temporarily provide workforce to companies in which the Issuer holds an interest and which
provide services for the Issuer or its subsidiaries.
Auditors
The German language consolidated financial statements of the Issuer for the years ended 31 December 2014 and
31 December 2013 were audited by PwC Wirtschaftsprüfung GmbH, Erdbergstraße 200, 1030 Wien. The German
language audit opinions (which do not contain any qualifications) for the consolidated financial statements of the Issuer
for the years ended 31 December 2014 and 31 December 2013 were rendered on 25 March 2015 and 25 March 2014,
respectively. The auditors and their responsible employees are members of the Austrian Chamber of Chartered
Accountants, Schönbrunner Straße 222-228/1/6, A-1120 Vienna.
Business Description
Overview
The Issuer is the holding company of UNIQA Group and its business is primarily conducted by its subsidiaries
operating under a number of other commercial names, most notably "UNIQA Österreich Versicherungen AG",
"Raiffeisen Versicherung AG" and "UNIQA International AG" outside Austria. The Issuer manages UNIQA Group,
operates the indirect insurance business. In addition, it carries out numerous service functions for Austrian and
international insurance companies, in order to take best advantage of synergy effects and to consistently implement
UNIQA Group's long-term corporate strategy. UNIQA International AG manages the international activities of UNIQA
Group. This entity is also responsible for the ongoing monitoring and analysis of the international target markets and for
acquisitions and post-merger integration. Swiss-based UNIQA Re AG acts as a reinsurer for UNIQA Group's operating
companies.
The Issuer is one of the leading international insurance groups in Austria and across CEE based on gross premiums
written of EUR 6,064.4 mn in 2014 (EUR 5,885.5 mn in 2013, in each case including the savings portion of unit-linked
and index-linked life insurance). The Issuer is active in all lines of the insurance business and organizes its operations in
- 34 -
five operating segments: UNIQA Austria, Raiffeisen Insurance, UNIQA International, Reinsurance and Group
functions and consolidation.
The following charts give an overview of the gross premiums written per segment and per entity in the financial year
2014 (including the savings portion of unit-linked and index-linked life insurance):
Health insurance:
EUR 960.8m (15.8%)
Property & Casualty
insurance:
EUR 2,620.9m
(43.2%)
Life insurance:
EUR 2,482.7m
(40.9%)
Raiffeisen Insurance:
EUR 905.3m (15.0%)
UNIQA Austria:
EUR 2,773.5m
(46.0%)
UNIQA International:
EUR 2,353.1m
(39.0%)
Source: Internal information from the Issuer.
Key markets
The macro-economic data in this chapter is derived from EUROSTAT (Source: http://ec.europa.eu/eurostat/de/home).
Where data in this chapter has been derived from other sources, such sources are cited below.
The Issuer is active in Austria and across CEE and Italy. UNIQA Group has a particular strong position in Austria,
where it is the second largest insurance group with an overall market share of 21,4% in 2014, based on gross premiums
written (source: Annual Report 2014 of the Association of the Austrian Insurance Companies -- Verband der
Versicherungsunternehmen Österreichs – "VVO" which can be retrieved from VVO's website
http://www.vvo.at/vvo/vvo.nsf/sysPages/x832F438C600424A9C1257E37003DC7AA/$file/VVO_GB_2014_220x280_
KOMPLETT.pdf, the "VVO Report 2014"). The focus of the Issuer's international activities is on CEE where UNIQA
Group has operations in Albania, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Hungary, Kosovo,
Macedonia, Montenegro, Poland, Romania, Russia, Serbia, Slovakia and the Ukraine. The largest share of UNIQA
Group's gross premiums written (including the savings portion of unit-linked and index-linked life insurance) is
generated in Austria (2014: 60.7%), followed by CEE (2014: 21.3%) (Source: Internal information from the Issuer).
- 35 -
Austria
Austria is the fifth wealthiest country in the European Union with a GDP per capita of EUR 38,200 in 2014. Austria’s
competitive and well diversified export sector contributes significantly to its GDP and Austria’s level of public debt as
per end of 2014 amounted to EUR 278.1 bn or 84.5% of Austria’s GDP. Austria had an insurance penetration of
approximately 5.2% of GDP in 2014, and an insurance density of EUR 2,008 premiums per capita. The Austrian
insurance market is mature and saturated (source: VVO Report 2014).
Market operators on the Austrian insurance market are listed companies, mutuals and foreign insurers operating in
Austria via a subsidiary, branch or servicing the Austrian market cross-border under the EU freedom to provide services.
The industry is highly concentrated, stable and over the past years, no new players entered the market. The top five
insurance groups (Vienna Insurance Group, UNIQA Group, Generali Group, Allianz Group and Grazer Wechselseitige)
hold an aggregate total market share of 71,7% in 2014 (2013: 72,2%; source: VVO Report 2014). Only a few market
players are present on a larger scale and across all product lines.
Central and Eastern Europe
With a population of over 300 mn people and an overall GDP of approximately EUR 2,100 bn in 2014, CEE is a large
and diverse region that experienced an average annual real economic growth rate of approximately 4.0% over the past
15 years and plays an important role for Austrian insurance companies and in particular for UNIQA Group. Due to the
still low insurance density and insurance penetration, as well as comparatively higher GDP growth forecasts, growth
opportunities are perceived to be significantly better than in Western Europe. In the 15 countries in CEE in which
UNIQA Group operates the insurance penetration was approximately 2.4% of GDP in 2014, and the insurance density
was EUR 162 premiums per capita.
In CEE, UNIQA Group competes with international players who are active throughout CEE such as Vienna Insurance
Group, Generali, Allianz and Talanx, and with regional/local well established competitors, such as PZU Group in
Poland, Croatia Osiguranje in Croatia and Dunav Osiguranje in Serbia. In general, the more developed economies,
represented, for example, by high insurance penetration (premiums as a proportion of GDP) and high insurance density
(premiums per capita), have a higher proportion of life insurance business than less developed economies. The less
developed economies have a greater bias towards the motor insurance business as the life insurance markets in these
economies are less developed.
Italy
Nominal GDP of EUR 1,616.5 bn made Italy the fourth largest economy in the European Union in 2014. Italy had a
GDP per capita of EUR 26,600 in 2014. Italy’s level of public debt as per end of 2014 amounted to EUR 2,134.9 bn or
132.1% of Italy’s GDP. Italy had an insurance penetration of approximately 8.1% of GDP in 2013, and an insurance
density of EUR 2,072 premiums per capita. The Italian insurance market is mature and saturated. The insurance
penetration measured by share of insurance premiums (in %) relative to GDP decreased from 8.4% in 2010 so that
penetration still lacks behind the European Union as a whole. Especially in the non-life insurance sector, the penetration
rate of around 2.4% of GDP in 2013 is rather low.
Distribution channels
UNIQA Group offers its products and services through all customary sales and distribution channels, including the
salaried sales force, agencies, brokers, banks and direct sales. UNIQA Group benefits from the bancassurance
cooperation and distribution partnership with the Raiffeisen banking group in Austria and Raiffeisen Bank
International AG across CEE. UNIQA Group focuses primarily on serving retail and SME customers. However,
UNIQA Group has recently launched several initiatives to expand its business with corporate customers.
Distribution in Austria
In Austria, UNIQA Group operates through its wholly owned subsidiaries UNIQA Österreich Versicherungen AG and
Raiffeisen Versicherung AG, whereas the latter operates solely in the bancassurance segment. As of 31 December 2014,
UNIQA Group's own sales force consisted of 1,719 employees in Austria and accounted for EUR 1,169.9 mn or 31.8%
of the total gross premiums written by UNIQA Group in Austria. Further, UNIQA Group cooperated with 906 exclusive
insurance agents, defined as agents who cooperate exclusively with a single insurance company, and with a total of
about 3,800 brokers, defined as a natural or legal person with a special license to conduct insurance brokerage business
- 36 -
and registered in the insurance brokers' register. In 2014, the exclusive agencies accounted for EUR 717.4 mn or 19.5%
of the total gross premiums written by UNIQA Group in Austria, whereas brokers accounted for EUR 838.8 mn or 22.8%
of the total gross premiums written by UNIQA Group in Austria for that period. In addition, in 2014, direct sales via the
internet and others amounted to EUR 117.7 mn or 3.2% of the total gross premiums written by UNIQA Group in
Austria. In the bancassurance segment in Austria, UNIQA Group acts through Raiffeisen Versicherung AG which sells
its products exclusively via the Raiffeisen banking group. In 2014, gross premiums written through the bancassurance
sales channel amounted to EUR 838.8 mn or 22.8% of UNIQA Group's sales in Austria.
International distribution
Outside Austria, UNIQA Group acts through its wholly owned subsidiary UNIQA International AG, which in turn
operates via its subsidiaries in 18 European countries. UNIQA International employs a multi-channel distribution
strategy by offering services to clients via an own exclusive sales network, brokers and multi-level marketing, banks,
car dealers and online sales. The sales channel mix in specific countries depends mainly on the market situation,
strategy and the respective legal and regulatory environment. In Q 1 2015, the broker sales channel accounted for
EUR 139 mn or 41.3% in the CEE region and the exclusive sales channel accounted for EUR 125 mn or 37.1% in this
region. Similar to Austria, in the CEE region UNIQA Group also focuses on close cooperation in the bancassurance
distribution with Raiffeisen Bank International AG in the 15 CEE countries in which UNIQA Group operates. Further,
UNIQA International AG cooperates with Veneto Banca Group in Italy and other banks in CEE on a selective basis.
Total gross premiums written through the bancassurance sales channel amounted to EUR 394 mn or 44.6% of UNIQA
Group's sales in Q 1 2015 outside Austria (CEE and Western Europe).
Products and Services
UNIQA Group offers a wide range of products in each of the property and casualty insurance, life insurance and health
insurance segments. The product range and the specific composition of individual products offered differ in the various
markets in which UNIQA Group operates as a result of varying market conditions with respect to calculation of
premiums, differences in scope of coverage, country specific customer needs and preferences as well as regulatory and
tax considerations.
Property and casualty insurance
UNIQA Group is active in many lines of property and casualty insurance and offers its products under the brands
"UNIQA" and "Raiffeisen Versicherung". UNIQA Group conducts its direct property and casualty insurance business
in Austria through its insurance subsidiaries UNIQA Österreich Versicherungen AG, Raiffeisen Versicherung AG and
Salzburger Landes-Versicherung Aktiengesellschaft. Outside Austria, UNIQA Group conducts its direct property and
casualty insurance business through a number of local insurance subsidiaries all of which are grouped under UNIQA
International AG.
In 2014, UNIQA Group's property and casualty segment generated gross premiums written of EUR 2,620.9 mn (2013:
EUR 2,590.5 mn) and a net-combined ratio (after reinsurance) of 99.5% (2013: 99.8%). The segment's profit on
ordinary activities amounted to EUR 61.0 mn in 2014 (2013: EUR 47.3 mn).
The product portfolio of UNIQA Group in the property and casualty segment is divided into (i) motor vehicle insurance
and (ii) other property and casualty insurance, including in particular property, casualty and other third party liability
insurance. The majority of the property and casualty insurance products offered are standard products and insurance
packages for retail customers and small and medium sized enterprises, including in particular motor insurance,
homeowners and household insurance, casualty insurance, legal expense insurance and travel insurance. UNIQA Group
also offers comprehensive insurance protection for commercial and corporate customers, including in particular
property and business (interruption) insurance and agricultural insurance.
Life insurance
UNIQA Group conducts its life insurance business in Austria through its insurance subsidiaries UNIQA Österreich
Versicherung AG, Raiffeisen Versicherung AG, Salzburger Landes-Versicherung Aktiengesellschaft and FINANCE
LIFE Lebensversicherung AG (specializing in unit- and index-linked life insurance). Outside Austria, UNIQA Group
operates its life insurance business through a number of local insurance subsidiaries all of which are grouped under
UNIQA International AG.
- 37 -
In 2014, UNIQA Group's Life insurance segment generated gross premiums written, including the savings portion of
unit-linked and index-linked life insurance, of EUR 2,482.7 mn (2013: EUR 2,357.4 mn). The segment's profit on
ordinary activities amounted to EUR 187.2 mn in 2014 (2013: EUR 176.6 mn).
UNIQA Group offers a variety of conventional risk and protection life insurance products as well as capital investment
oriented products, serving both security and investment purposes. The range of products offered by UNIQA Group
varies in the individual markets in which UNIQA Group operates and includes single premium and recurring premium
policies. Traditional life products make up a greater share of premiums in Austria, Western Europe (Italy) and CEE.
Health insurance
In Austria, UNIQA Group conducts its health insurance business through UNIQA Österreich Versicherungen AG.
Outside Austria, health insurance is provided by a number of local insurance subsidiaries all of which are grouped under
UNIQA International AG. By region, UNIQA Group sells health insurance policies primarily in Austria and Italy and
currently only on a small scale in other markets. UNIQA Assurances S.A. (Geneva, Switzerland) specializes in health
insurance for employees of international organizations.
In 2014, UNIQA Group's health insurance segment generated gross premiums written of EUR 960.8 mn (2013:
EUR 937.6 mn). The segment's profit on ordinary activities amounted to EUR 129.7 mn in 2014 (2013: EUR 83.7 mn).
UNIQA Group sells a variety of private health insurance products supplementing statutory health insurance. The most
important products are special care (health) insurance, daily allowance insurance, insurance for ambulatory patients'
medical expenses and travel medical insurance. More recently, nursing care insurance has gained in importance.
- 38 -
Major Subsidiaries and Organisational Structure
The following table provides an overview (which is not exhaustive) of the major operating subsidiaries of UNIQA
Group as of the date of this Prospectus. A complete list of all subsidiaries and associates is included in the notes to
UNIQA Group Report 2014, which are incorporated in this Prospectus by reference and thus deemed to be part of it.
Company
Type
Domicile
Share of equity
1)
In per cent
Austrian insurance companies
UNIQA Insurance Group AG (Group holding company)
1029 Vienna
UNIQA Österreich Versicherungen AG
Consolidated
1029 Vienna
100.0
Salzburger Landes-Versicherung AG
Consolidated
5020 Salzburg
100.0
Raiffeisen Versicherung AG
Consolidated
1029 Vienna
100.0
FINANCELIFE Lebensversicherung AG
Consolidated
1029 Vienna
100.0
SK Versicherung Aktiengesellschaft
Equity-accounted
1050 Vienna
25.0
UNIQA Assurances S.A.
Consolidated
Switzerland, Geneva
100.0
UNIQA Re AG
Consolidated
Switzerland, Zurich
100.0
UNIQA Assicurazioni S.p.A.
Consolidated
Italy, Milan
100.0
UNIQA pojišťovna a.s.
Consolidated
Slovakia, Bratislava
UNIQA pojištovna, a.s.
Consolidated
The Czech Republic, Prague
100.0
UNIQA osiguranje d.d.
Consolidated
Croatia, Zagreb
100.0
UNIQA Towarzystwo Ubezpieczeń S.A.
Consolidated
Poland, Lodz
98.6
UNIQA Towarzystwo Ubezpieczeń na Zycie S.A.
Consolidated
Poland, Lodz
99.8
UNIQA Biztosító Zrt.
Consolidated
Hungary, Budapest
100.0
UNIQA Lebensversicherung AG
Consolidated
Liechtenstein, Vaduz
100.0
UNIQA Versicherung AG
Consolidated
Liechtenstein, Vaduz
100.0
UNIQA Previdenza S.p.A.
Consolidated
Italy, Milan
100.0
UNIQA Osiguranje d.d.
Consolidated
Bosnia and Herzegovina, Sarajevo
99.8
UNIQA Insurance plc.
Consolidated
Bulgaria, Sofia
99.9
UNIQA Life Insurance plc.
Consolidated
Bulgaria, Sofia
UNIQA životno osiguranje a.d.
Consolidated
Serbia, Belgrade
100.0
Insurance company "UNIQA"
Consolidated
Ukraine, Kiev
100.0
UNIQA LIFE
Consolidated
Ukraine, Kiev
100.0
UNIQA životno osiguranje a.d.
Consolidated
Montenegro, Podgorica
100.0
UNIQA neživotno osiguranje a.d.
Consolidated
Serbia, Belgrade
100.0
UNIQA neživotno osiguranje a.d.
Consolidated
Montenegro, Podgorica
100.0
UNIQA Asigurari S.A.
Consolidated
Romania, Bucharest
100.0
UNIQA Life S.A.
Consolidated
Romania, Bucharest
100.0
Raiffeisen Life Insurance Company LLC
Consolidated
Russia, Moscow
75.0
UNIQA Life S.p.A.
Consolidated
Italy, Milan
90.0
SIGAL UNIQA GROUP AUSTRIA Sh.a.
Consolidated
Albania, Tirana
UNIQA AD Skopje
Consolidated
Macedonia, Skopje
100.0
SIGAL Life UNIQA Group AUSTRIA Sh.a.
Consolidated
Albania, Tirana
100.0
SIGAL UNIQA Group AUSTRIA Sh.a.
Consolidated
Kosovo, Priština
100.0
UNIQA Life AD Skopje
Consolidated
Macedonia, Skopje
100.0
SIGAL Life UNIQA Group AUSTRIA Sh.a
Consolidated
Kosovo, Priština
100.0
SH.A.F.P SIGAL Life UNIQA Group AUSTRIA Sh.A.
Consolidated
Albania, Tirana
51.0
Foreign insurance companies
1)
Share of equity corresponds to control before taking account of any non-controlling interests in the Group.
Source: Internal information from the Issuer. In Q1/2015 UNIQA Lebensversicherung AG, Vaduz has been sold.
- 39 -
99.9
99.7
68.6
Risk Management
A priority of UNIQA Group is the refinement of risk management and the implementation of value-driven UNIQA
Group management against the background of Solvency II. The establishment of an UNIQA Group chief risk officer
(CRO) function on UNIQA's Management Board demonstrates that risk management is a core controlling function and
a crucial part of the business steering process. UNIQA Group has developed and is in the course of implementing a
number of internal projects which are designed to establish an effective risk management system, related organizational
measures and a new value-based UNIQA Group wide risk culture to control risks and preserve an adequate level of
capitalization. The key risk management tool is UNIQA Group's risk management policy which is reviewed on an
annual basis. This policy applies to all UNIQA Group insurance companies. UNIQA Group generally manages the
following risk categories on group as well as on business unit level: underwriting risk, market risk and asset-liability
risk, credit risk/counterparty default risk, liquidity risk, concentration risk, strategic risk, reputational risk, operational
risk and contagion risk.
UNIQA Group's risk management is controlled centrally. Each UNIQA Group insurance company has a chief risk
officer and a risk manager who is responsible for the risk management process and reports to UNIQA Group risk
management team. UNIQA Group's risk management structure is set up in a way that reflects the principles of the three
lines defense concept: (i) the persons in charge of the individual business operations have to implement an adequate
control system to identify and monitor risks related to business operations (first line of defense), (ii) the risk
management and oversight functions, such as controlling, have to monitor business activities, but without having
decision-making authority (second line of defense), and (iii) an independent review of the organization and
effectiveness of the overall internal control system, including risk management and compliance is provided (third line of
defense).
A central component of the risk management organisation is the risk management committee for UNIQA Group. This
committee carries out monitoring and initiates appropriate action in relation to the current development as well as the
short- and long-term management of the risk profile. The risk management committee establishes the risk strategy,
monitors and controls compliance with risk-bearing capacity and limits, and therefore plays a central role in the
management process implemented under UNIQA Group's risk management system.
UNIQA Group risk management process provides periodic information on UNIQA Group wide risk exposure to enable
top management to reach or maintain long-term strategic targets. Its purpose is to keep an adequate economic solvency
ratio, an appropriate measurement of risks and a value based management approach to ensure that UNIQA Group has
sufficient risk bearing capacity for running its business and is able to implement its strategy. UNIQA Group welcomes
the "Own Risk and Solvency Assessment" principles of Solvency II as a tool to further set up and improve processes for
an efficient risk management system and a forward-looking approach on managing the risks UNIQA Group is exposed
to. UNIQA Group has set up a risk management strategy which defines UNIQA Group's willingness to accept risks and
the targeted economic solvency ratio and determines UNIQA Group's risk appetite, which is the level of aggregate risk
that UNIQA Group will undertake and manage over a defined period of time. For each risk category managed and
monitored, individual risk limits are set by UNIQA Group risk management and by the business unit risk management.
Litigation and proceedings
The Issuer and its affiliated companies are involved in a number of legal proceedings resulting from the ordinary course
of their respective businesses. The management of the Issuer does not expect legal disputes, legal proceedings
government or arbitration proceedings (including any such proceedings which are pending or threatened of which the
Issuer is aware), to which Group Companies are a party to will have a material adverse effect on the Issuer's or UNIQA
Group's consolidated financial position or profitability.
In their capacity as insurance companies, the Group Companies are involved as a defendant in a number of court
proceedings or have been threatened with legal actions. In addition, there are proceedings to which Group Companies
are not a party, but whose outcome can have an effect on it due to agreements with other insurance companies on
participation in losses. In the opinion of UNIQA Group's management adequate provisions for Austrian affiliated
companies have been set aside for all claims, based on the amounts in dispute.
UNIQA Group holds certain subordinated notes issued by HETA in an aggregate principal amount of EUR 36 mn on a
consolidated basis that are secured by a deficiency suretyship (Ausfallshaftung) provided by the Austrian province of
Carinthia and the Kärntner Landes- und Hypothekenbank-Holding (Kärntner Landesholding) ("KLH"). On 1 August
2014, the HaaSanG entered into force. Pursuant to the HaaSanG, upon publication of an FMA-regulation on 7 August
2014 certain subordinated liabilities and all collateral for such liabilities have been extinguished automatically by law.
Therefore, HETA's liabilities under the subordinated HETA-Notes as well as all respective collateral (in particular
- 40 -
including the respective liabilities of the province of Carinthia and KLH) have been extinguished by law, i.e. the
amount of principal, interest and any other amounts, if any, payable by HETA was automatically reduced to zero.
UNIQA Group considers the HaaSanG and the respective FMA-regulation as violating Austrian constitutional and
European law. Therefore, on 1 December 2014, the concerned Group Companies have filed civil law suits with the
district court (Landesgericht) Klagenfurt against (i) HETA; (ii) the province of Carinthia; and (iii) KLH, asking the
court for (i) for determination that the claims (liabilities respectively) in the total amount of EUR 36 mn still exist; and
(ii) for payment of (unpaid) interest of about EUR 0.1 mn. The district court of Klagenfurt has (i) submitted the
respective lawsuits to the Austrian Constitutional Court (Verfassungsgerichtshof) for assessing the compliance of the
HaaSanG and the FMA-regulation with constitutional law and (ii) suspended the civil proceedings until receipt of the
Austrian Constitutional Court's decision.
Subject to the above, there have been no governmental, legal or arbitration proceedings (including any such proceedings
which are pending or threatened of which the issuer is aware), during a period covering the previous 12 months from
the date of the approval of this Prospectus which may have, or have had in the recent past, significant effects on the
Issuer and/or UNIQA Group's financial position or profitability.
Solvency II and Own Funds
In the financial year 2014, the Issuer's Solvency I ratio increased from 287% as of 31 December 2013 to 295 % as of
31 December 2014 (Source: Group Economic Capital Requirement Report 2014 which can be retrieved from the
Issuer's
website
under
http://www.uniqagroup.com/gruppe/versicherung/investorrelations/publikationen/praesentationen/Presentations.en.html).
The implementation of Solvency II is being closely followed by UNIQA Group and, in particular, by UNIQA Group's
chief risk officer ("CRO"). The Issuer and UNIQA Group have fully embraced the requirements of Solvency II.
UNIQA Group has established an ongoing project dealing with the implementation and requirements of Solvency II.
The solvency ratio expresses the risk related to UNIQA Group's balance sheet according to the principles of Solvency II.
The Issuer is reporting its own funds and solvency positions as well as its preparations for the implementation of
Solvency II to the FMA pursuant to Austrian provisions on insurance supervision on a regular basis.
As of 31 December 2014, UNIQA disclosed for the first time its Solvency II ratio (153%) following the pure EIOPA
standard approach.
The UNIQA Group defines its risk appetite on the basis of an economic capital model ("ECM"). The cover for
quantifiable risks with eligible own funds (capital ratio) should lie between 150% and 160% in 2015. In the medium
term, the capital ratio should be at least 170%. As at 31 December 2014, the solvency ratio in accordance with the ECM
was 150% (2013: 161%). Within UNIQA ECM spread risk and concentration risk are valued on the basis of an internal
approach (government bonds and ABS are treated like corporate bonds, therefore a risk charge is applied to government
bonds). The valuation of underwriting risk non-life (incl. health similar to non-life) in the ECM is based on a partial
internal model.
Investment Strategy and Principal Investments
UNIQA Group's investment strategy is an essential part of its value-based-management approach. Based on a liabilitydriven investment concept, assets are invested according to the defined risk preference set by UNIQA's Management
Board, quantified by allocated risk budgets. Subject to applicable regulatory and cash flow requirements, UNIQA
Group seeks to use available funds to achieve adequate investment returns, balancing risk and reward, in order to
generate additional value for policyholders and shareholders. In pursuing these objectives, UNIQA Group has invested,
and is committed to further invest, in various financial asset classes. UNIQA Group's investment activities are centrally
managed by UNIQA Capital Markets GmbH.
The principal investments of the UNIQA Group generally comprise investments in equity securities, fixed and variable
rate income securities, collective investment schemes, real estate property, derivatives, reinsurance, trade and other
receivables, as well as banking deposits. As of 31 December 2014, UNIQA Group's financial assets amounted to a book
value of EUR 28,847.7 mn (2013: EUR 27,009.8 mn). Without unit-linked financial assets, UNIQA Group's financial
assets as of 31 December 2014 had a book value of EUR 23,461.1 mn (2013: EUR 21,677.3 mn), thereof 63.7% fixedincome securities (book value EUR 18,381.0 mn), 5.2% real estate (book value EUR 1,504.5 mn), 4.7% cash
(EUR 1,365.8 mn), 2.9% loans (book value EUR 835.6 mn), 2.5% equity (book value EUR 723.2 mn), 1.8%
participations (book value EUR 528.7 mn) and 0.4% derivative instruments (book value EUR 122.3 mn). The principal
investments currently held by UNIQA Group consist of fixed income securities and real estate. UNIQA Group's fixed
- 41 -
income securities mainly comprise debt instruments (Notes) issued by companies, including financial institutions, and
sovereign states.
Going forward the UNIQA Group plans to establish Infrastructure Debt as a new investment asset class. New
investments will be financed through reallocations of existing investments as well as free cash flows.
UNIQA has neither completed nor placed any firm commitments to invest in additional principal investments since
31 December 2014.
Material Contracts
As of the date of this Prospectus, there are no material contracts that are not entered into in the ordinary course of
business of UNIQA Group, which could result in any member of UNIQA Group being under an obligation or
entitlement that is material to the ability of the Issuer to meet its obligations under the Notes.
Management and Administrative Bodies of the Issuer
Members of the Management Board
Currently, the Management Board consists of five members. As of the date of this Prospectus, the members and their
respective responsibilities are:
Name
Position
Responsibilities
Andreas Brandstetter ...................................................................
Chief Executive
Investor
Relations,
Group
Officer
Communication, Group Marketing,
Group Human Resources, Group
Internal Audit and Group General
Secretary
Principal Outside Activity
Chairman of the management board of:
-
UNIQA Versicherungsverein Privatstiftung;
and
-
Austria Versicherungsverein BeteiligungsVerwaltungs GmbH.
Member of the supervisory board of Raiffeisen
Zentralbank Österreich Aktiengesellschaft. (On
27 May 2015, Mr Brandstetter has resigned as
a member of the supervisory board giving
1 month notice.)
Hannes Bogner ............................................................................
Chief Investment
Group Asset Management (Front
Officer
Office),
Real
Estate,
Investements/Equity Affairs, Legal &
Compliance and Group Internal Audit
Member of the supervisory board of:
-
Casinos Austria Aktiengesellschaft;
-
CEESEG Aktiengesellschaft;
-
Niederösterreichische Versicherung AG;
-
STRABAG SE;
-
Valida Holding AG; and
-
Wiener Börse AG.
Wolfgang Kindl...........................................................................
Member of the
UNIQA International
Management
Board
None.
Thomas Münkel ..........................................................................
Chief Operating
Group Processes, Group IT and
Officer
Strategic Project Office
Member of the supervisory board of Raiffeisen
Informatik GmbH.
Kurt Svoboda ..............................................................................
Chief Financial
Group Finance-Accounting, Group
Officer/Chief Risk Finance-Controlling, Group Risk
Officer
Management,
Group
Asset
Management (Back Office), Group
Actuary,
Group
Reinsurance,
Regulatory Management Solvency II
None.
The business address of the members of the Management Board is Untere Donaustraße 21, 1029 Vienna, Austria.
- 42 -
Conflicts of Interest of members of the Management Board
With the exception of Mr. Brandstetter, who is Chief Executive Officer ("CEO") of the Issuer and also chairman of the
Management Board of UNIQA Versicherungsverein Privatstiftung, one of the Issuer's core shareholders (see Risk
Factors — Risks relating to UNIQA Group – Risks related to UNIQA Group's business and the company — " UNIQA's
CEO is also chairman of the board of Austria Versicherungsverein auf Gegenseitigkeit Privatstiftung, one of UNIQA's
core shareholders, which may create conflicts of interest."), the Issuer has not been notified and has not otherwise been
informed by any of the members of the Management Board named above about any potential conflicts of interest
between the obligations of the persons towards the Issuer and their own interests and other obligations.
Members of the Supervisory Board
As of the date of this Prospectus, the members of the Supervisory Board and their respective responsibilities are:
Name
Position
Members elected by the Shareholders' Meeting
Walter Rothensteiner ...................................................................
Chairman
Chairman of the supervisory board of:
-
Raiffeisen Bank International AG;
-
Casinos Austria Aktiengesellschaft;
-
Kathrein Privatbank Aktiengesellschaft;
-
Österreichische Lotterien Gesellschaft m.b.H; and
-
Oesterreichische Kontrollbank Aktiengesellschaft.
Vice Chairman of the supervisory board of LEIPNIKLUNDENBURGER INVEST Beteiligungs Aktiengesellschaft.
Member of the General Council of Oesterreichische Nationalbank.
-
KURIER Redaktionsgesellschaft m.b.H.;
-
KURIER Zeitungsverlag und Druckerei Gesellschaft m.b.H.;
and
-
UNIQA Versicherungsverein Privatstiftung.
Chairman of the management board of Raiffeisen Zentralbank
Österreich Aktiengesellschaft.
Member of the management board of Raiffeisen International
Beteiligungs GmbH.
Christian Kuhn ...........................................................................
1st Vice Chairman
Chairman of the supervisory board of UNIQA Versicherungsverein
Privatstiftung.
Vice Chairman of the supervisory board of:
-
BIPA Parfumerien Gesellschaft m.b.H.;
-
REWE International AG;
-
REWE International Dienstleistungsgesellschaft m.b.H; and
-
REWE International Lager- und Transportgesellschaft m.b.H.
- 43 -
-
Bankhaus Schelhammer & Schattera Aktiengesellschaft;
-
Billa Aktiengesellschaft;
-
CS Caritas Socialis GmbH;
-
Herz Jesu Krankenhaus GmbH;
-
Krankenhaus Göttlicher Heiland GmbH;
-
Krankenhaus
der
Barmherzigen
Betriebsgesellschaft m.b.H.;
-
Merkur Warenhandels-Aktiengesellschaft;
-
Orthopädisches Spital Speising GmbH; and
Schwestern
Wien
Name
Position
-
St. Josef Krankenhaus GmbH.
Member of the management board of:
-
"M. Erthal & Co." Beteiligungsgesellschaft m.b.H.;
-
IRZ Holding GmbH;
-
IRZ Liegenschaftsverwertung GmbH; and
-
KUHN RECHTSANWÄLTE GMBH.
Board member of various private foundations.
Erwin Hameseder ........................................................................
2nd Vice Chairman
-
Raiffeisen Zentralbank Österreich Aktiengesellschaft;
-
AGRANA Beteiligungs-Aktiengesellschaft;
-
Mediaprint Zeitungs- und Zeitschriftenverlag Gesellschaft
m.b.H.;
-
RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN
AG; and
-
Z&S Zucker und Stärke Holding AG.
Vice Chairman (including 1st Vice Chairman) of the supervisory
board of:
-
STRABAG SE;
-
AGRANA Zucker, Stärke und Frucht Holding AG;
-
Flughafen Wien Aktiengesellschaft; and
-
Raiffeisen Bank International AG.
-
Südzucker AG, Mannheim/Ochsenfurt;
-
LEIPNIK-LUNDENBURGER
Aktiengesellschaft; and
-
RWA Raiffeisen Ware Austria Aktiengesellschaft.
INVEST
Beteiligungs
Chairman of RAIFFEISEN-HOLDING NIEDERÖSTERREICHWIEN registrierte Genossenschaft mit beschränkter Haftung.
Eduard Lechner ...........................................................................
3rd Vice Chairman
-
Medicur - Holding Gesellschaft m.b.H.; and
-
Printmedien Beteiligungsgesellschaft m.b.H.
Member of the supervisory board of UNIQA Versicherungsverein
Privatstiftung.
Member of the management board of Lechner Wirtschaftsprüfung
GmbH and DL Holding GmbH.
Board member of various private foundations.
Markus Andréewitch ...................................................................
Member
Chairman of the supervisory board of Collegialität Versicherung
Privatstiftung.
Ernst Burger ................................................................................
Member
Vice Chairman of the supervisory board of Josef Manner & Comp.
Aktiengesellschaft.
-
UNIQA Versicherungsverein Privatstiftung; and
-
Kathrein Privatbank Aktiengesellschaft.
-
- 44 -
BSSA Immobilienentwicklungs GmbH;
Name
Position
-
Burger & Partner Wirtschaftsprüfungsgesellschaft m.b.H.;
-
Dr. Ernst Burger Wirtschaftsprüfungsgesellschaft m.b.H.;
-
FIDEVENTURA Beteiligungs GmbH;
-
Mühlweg 84 Immobilien GmbH;
-
Oppelgasse 2 Immobilien GmbH; and
-
Sallesta Beteiligungsverwaltungs GmbH.
Board Member of various private foundations.
Peter Gauper................................................................................
Member
Member of the supervisory board of Raiffeisen Zentralbank
Österreich Aktiengesellschaft.
-
Raiffeisen-Bezirksbank Klagenfurt, registrierte Genossenschaft
mit beschränkter Haftung;
-
Raiffeisenlandesbank Kärnten
- Rechenzentrum und
Revisionsverband, registrierte Genossenschaft mit beschränkter
Haftung;
-
Österreichische Raiffeisen-Einlagensicherung eGen;
-
RAIFFEISEN - VERMÖGENSVERWERTUNGS GMBH.;
-
RB Verbund GmbH;
-
RBK GmbH;
-
RLB Beteiligungsmanagement GmbH;
-
RLB Innopart Beteiligungs GmbH;
-
RLB Unternehmensbeteiligungs GmbH;
-
RLB Verwaltungs GmbH; and
-
RS Beteiligungs GmbH.
Chairman of Raiffeisen-Einlagensicherung Kärnten, registrierte
Genossenschaft mit beschränkter Haftung.
Director of:
Johannes Peter Schuster ..............................................................
Member
-
Raiffeisen-Bezirksbank Klagenfurt, registrierte Genossenschaft
mit beschränkter Haftung; and
-
Raiffeisenlandesbank Kärnten
- Rechenzentrum und
Revisionsverband, registrierte Genossenschaft mit beschränkter
Haftung.
-
Raiffeisen Bausparkasse Gesellschaft m.b.H.;
-
Raiffeisen Factor Bank AG;
-
Raiffeisen Wohnbaubank Aktiengesellschaft;
-
Raiffeisen e-force GmbH;
-
Raiffeisen-Leasing Gesellschaft m.b.H; and
-
Raiffeisen-Leasing Management GmbH and Valida Holding
AG.
Vice Chairman of the supervisory board of:
-
card complete Service Bank AG RSC; and
-
Raiffeisen Service Center GmbH.
- 45 -
-
Raiffeisen Bank International AG;
-
Raiffeisen Informatik GmbH;
Name
Position
-
Raiffeisen Software Solution und Service GmbH; and
-
Raiffeisen Versicherungen AG.
Kory Sorenson
Member
-
Raiffeisen Zentralbank Österreich AG;
-
Österreichische Raiffeisen-Einlagesicherung eGen; and
-
Raiffeisen International Beteiligungs GmbH.
Member of the board of directors of:
-
SCOR SE; and
-
Phoenix Group Holdings.
Members delegated by the Works Council
Johann Anton Auer .....................................................................
Member
None
Heinrich Kames...........................................................................
Member
None
Harald Kindermann .....................................................................
Member
None
Franz Michael Koller ..................................................................
Member
None
Friedrich Lehner ..........................................................................
Member
None
The business address of the members of the Supervisory Board is Untere Donaustraße 21, 1029 Vienna, Austria.
Conflicts of Interest of the Supervisory Board
The Issuer has not been notified and has not otherwise been informed by any of the members of the Supervisory Board
named above about any potential conflicts of interest between the obligations of the persons towards the Issuer and their
own interests and other obligations.
Committees of the Supervisory Board of the Issuer
The following committees have been established by the Supervisory Board of the Issuer:
Audit Committee
The Audit Committee is responsible for examining and preparing the approval of the annual financial statements and
management report, the consolidated financial statements and group management report, the recommendation for the
distribution of profit and the corporate governance report. The Audit Committee currently consists of Walter Rothensteiner (Chairman), Christian Kuhn, Erwin Hameseder, Eduard Lechner, Kory Sorenson, Johann Anton Auer, Heinrich
Kames and Franz Michael Koller.
Committee for Board Affairs
The Committee for Board Affairs handles the relationships between the Issuer and the members of its Management
Board with respect to employment and salary issues. Its current members are Walter Rothensteiner (Chairman),
Christian Kuhn, Erwin Hameseder and Eduard Lechner.
Working Committee
The Working Committee of the Supervisory Board shall be called upon for decisions only if the urgency of the issue
does not permit taking a decision in the next meeting of the Supervisory Board. The Chairman decides whether or not
an issue is urgent. The Working Committee decides in principle on all issues that lie within the responsibility of the
Supervisory Board; issues of particular importance or stipulated by law are excepted. The Working Committee's current
- 46 -
members are Walter Rothensteiner (Chairman), Christian Kuhn, Erwin Hameseder, Eduard Lechner, Ernst Burger,
Johannes Schuster, Johann Anton Auer, Heinrich Kames and Franz Michael Koller.
Investment Committee
The Investment Committee advises the Management Board with respect to its investment policy; it has however no
decision-making authority. Its current members are Erwin Hameseder (Chairman), Christian Kuhn, Eduard Lechner,
Peter Gauper, Kory Sorenson, Johann Anton Auer, Heinrich Kames and Franz Michael Koller.
Corporate Governance Code
UNIQA Group has committed itself since 2004 to compliance with the Austrian Corporate Governance Code (the
"Code") and publishes this compliance declaration both in UNIQA Group annual report, which is incorporated in this
Prospectus by reference and thus deemed to be part of it, and on UNIQA Group website under
http://www.uniqagroup.com/gruppe/versicherung/investor-relations/anleihen.html.
In accordance with the code, the "L rules" (legal requirements) are all fully adhered to. However, the Issuer deviates
from certain of the Code with regard to the following "C rules" (comply or explain) and explains as follows: The Issuer
will not apply rule 49. Due to the Issuer's shareholder structure and the special nature of the insurance business with
regard to the investment of insurance assets, there are a number of contracts with companies associated with individual
members of the Supervisory Board. As long as such contracts require approval by the Supervisory Board, according to
Sec. 95 para 5 no 12 of the Stock Corporation Act (rule 48), the details of these contracts cannot be made public for
reasons of company policy and competition laws. In any case, all transactions are handled under customary market
conditions.
Share Capital and Dividends
Share Capital
As of the date of this Prospectus, the issued and fully paid in share capital of the Issuer amounts to EUR 309.000.000
divided into 309.000.000 ordinary no-par-value bearer shares. The calculated notional value of each share amounts to
EUR 1. Each share confers one vote at the Shareholders' Meeting.
By resolution of the Shareholders' Meeting dated 26 May 2015, the Management Board has been authorized, subject to
approval by the Supervisory Board, to purchase own shares of up to 10% of the share capital, thereby using the 10%
limit repeatedly. The authorization expires on 27 May November 2018.
As of the date of this Prospectus, the Issuer holds 819,650 treasury shares which represent 0.27% of the share capital.
The shares of the Issuer are listed for trading on the Official Market on the Vienna Stock Exchange.
Dividends
Pursuant to the Commercial Code and the Stock Corporation Act, the Issuer may only pay dividends out of distributable
profits. Distributable profits are based on accumulated profits, as shown in the unconsolidated financial statements of
the Issuer in accordance with the Commercial Code, after allocations have been made to reserves, including retained
earnings.
On the basis of the Management Board's proposal and the Supervisory Board's report, the Shareholders' Meeting resolves whether dividends will be paid for any financial year and the amount and timing of any such dividend payment.
The Issuer has distributed the following dividends for the last three financial years:
Financial year ending 31 December
2014
0.42
129.44
Dividend per share (in EUR) ...................................
Total amount of dividends (in EUR mn) .................
Source: Internal information from the Issuer.
- 47 -
2013
0.35
107.86
2012
0.25
53.36
Major Shareholders
As of the date of this Prospectus, the major shareholders of the Issuer are Raiffeisen Zentralbank Österreich AG which
holds 31.4% of the shares in the Issuer, UNIQA Versicherungsverein Privatstiftung which holds 30.58% of the shares in
the Issuer, and Collegialität Versicherungsverein Privatstiftung (together with Raiffeisen Zentralbank Österreich AG
and UNIQA Versicherungsverein Privatstiftung, the "Core Shareholders") which holds 2.32% of the shares in the
Issuer.
The Core Shareholders hold their respective shares in the Issuer directly or indirectly through subsidiaries they control.
Raiffeisen Zentralbank Österreich Aktiengesellschaft holds its shares in the Issuer via its subsidiaries BL Syndikat
Beteiligungs Gesellschaft m.b.H. and RZB Versicherungsbeteiligung GmbH. According to the information available to
the Issuer, except for the Core Shareholders, no natural person or legal entity holds more than 5% of the Issuer's shares.
The Core Shareholders entered into a shareholders' agreement under which they agreed on a pooling of votes in respect
of all shares held by them directly or indirectly in the Issuer. The voting rights in shareholders' meetings of the Issuer
shall be exercised in accordance with the resolutions of the shareholders' committee established among the Core Shareholders (which is identical with the members of the Supervisory Board nominated by the Core Shareholders and in
which votes are cast pursuant to the principle of one man one vote).
According to the Austrian Stock Corporation Act, the members of the managing board of the Issuer must act in their
own responsibility in the best interest of the Issuer, taking into account its shareholders, employees and the public
interest. In particular, the members of the managing board are not obliged to follow instructions of shareholders or
members of the supervisory board; if such instructions would be detrimental to the Issuer or would be contrary to its
best interest, the members of the managing board would need to reject such instructions. The appointment and dismissal
of members of the managing board is effected by the supervisory board by a simple majority vote.
Recent Developments, Outlook, Trends and Significant Changes in the Financial or Trading Position
UNIQA expects moderate economic growth for 2015. The very low level of interest rates is also placing a strain on the
insurance industry as a whole, with no reversal in this trend expected in the near future. UNIQA believes that there are
exceptionally high levels of uncertainty in relation to medium-term economic developments in Europe in combination
with the geopolitical tensions. UNIQA is continuing to focus its attention on increasing profitability in its core
insurance market and to concentrate on cost and capital management.
Other than disclosed in this Prospectus, UNIQA is not aware
(i) of any recent events particular to UNIQA which are to a material extent relevant to the evaluation of UNIQA's
solvency,
(ii) of any material adverse changes in the prospects of UNIQA since 31 December 2014;
(iii) of any trends, uncertainties, demands, commitments or events that are reasonably likely to have a material
effect on UNIQA's prospects for at least the current financial year; and
(iv) of any significant changes in the financial or trading position of UNIQA Group which have occurred since
31 March 2015.
Selected Consolidated Financial Information for the Financial Years Ending 31 December 2014 and
31 December 2013
The following selected financial information was derived from the audited consolidated financial statements of the
Issuer for the financial year Sending on 31 December 2014 and 31 December 2013 and from the unaudited consolidated
interim financial statements of the Issuer for the period ending on 31 March 2015 which are incorporated into this
Prospectus by reference and thus deemed to be part of it. The below figures in this chapter are derived from the sources
indicated below the respective tables and internal calculations of the Issuer.
- 48 -
Consolidated Income Statement Data
Financial Years Ending 31 December 2014 and 31 December 2013
CONSOLIDATED INCOME
STATEMENT
Amounts in EUR thousand (unless
otherwise indicated)
2014(1)
(adjusted)
2014(2)
(as last published)
Premiums written (gross)
5,519,700
1. Premiums earned (net)
a) Gross .........................................................................
5,523,218
b) Reinsurers' share .......................................................
-210,322
5,312,896
2. Technical interest income
560,384
3. Other insurance income
a) Gross .........................................................................
32,595
1,897
34,492
4. Insurance benefits
a) Gross .........................................................................
-4,517,700
134,038
-4,383,662
5. Operating expenses
a) Expenses for the acquisition of
insurance
-938,593
b) Other operating expenses
-386,558
c) Reinsurance commission and share of
profit from reinsurance ceded
26,044
-1,299,106
6. Other technical expenses
a) Gross
-71,304
b) Reinsurers´share
-25,994
-97,298
7. Technical result
127,706
8. Net investment income ................................................
888,151
of which profit from associates .....................................
23,583
9. Other income ...............................................................
62,428
10. Reclassification of technical interest
income .................................................................................
-560,384
11. Other operating expenses
-70,334
12. Non-technical result ....................................................
319,860
5,519,700
5,523,218
-210,322
5,312,896
560,384
32,595
1,897
34,492
-4,517,700
134,038
-4,383,662
2013(3)
(adjusted)
2013(4)
(as published in YE
2014)
5,157,576
5,157,576
5,149,467
-210,867
4,938,600
489,799
22,305
1,203
23,508
-4,078,083
118,635
-3,959,448
26,044
-1,275,330
22,305
1,203
23,508
– 4,078,083
118,635
– 3,959,448
– 942,528
-938,593
-362,782
5,149,467
– 210,867
4,938,600
489,799
-942,528
-472,385
28,302
-1,386,611
– 439,941
28,302
– 1,354,167
-71,304
-25,994
– 97,298
151,482
864,375
23,583
62,428
– 560,384
-56,921
-32,600
-89,521
16,328
812,446
22,229
40,589
-489,799
– 56,921
– 32,600
– 89,521
48,772
780,002
22,229
40,589
– 489,799
– 70,334
296,084
-32,413
330,823
– 32,413
298,379
13. Operating profit/(loss) .................................................
447,566
14. Amortisation of goodwill and
impairment losses ..............................................................
-32,292
15. Finance costs
-37,343
16. Profit/(loss) from ordinary activities ..........................
377,932
17. Income taxes ................................................................
-85,055
18. Profit/(loss) from discontinued
operations (after tax) ........................................................
0
19. Profit for the year .......................................................
292,877
447,566
– 32,292
347,151
-7,301
347,151
– 7,301
– 37,343
377,932
– 85,055
0
-32,281
307,569
-69,711
50,000
– 32,281
307,569
– 69,711
50,000
292,877
287,858
287,858
of which attributable to shareholders of
UNIQA Insurance Group AG ..............................................
289,863
of which attributable to noncontrolling interests .............................................................
3,014
289,863
284,660
284,660
3,014
3,198
3,198
Earnings per share in EUR(4) ............................................ 0.94
Average number of shares in circulation .........................
308,180,350
0.94
308,180,350
1.,21
235,294,119
Sources:
(1) The financial information has been derived from the Q1 2015 Report and includes the latest adjustments made in Q1 2015.
- 49 -
1.21
235,294,119
(2) The financial information has been derived from the audited consolidated financial statements of the Issuer as of and for the year ending on 31
December 2014.
(3) The financial information is based on the audited consolidated financial statements of the Issuer as of and for the year ending on 31 December
2013 adjusted in the light of the adjustments made in the Q1 2015 Report.
December 2014.
Consolidated Comprehensive Income Statement Data
CONSOLIDATED COMPREHENSIVE INCOME STATEMENT
Amounts in EUR thousand (unless otherwise indicated)
2014(1)
2013(1)
(as last published)
(as published in YE 2014)
292,877
287,858
Profit for the year .........................................................................
Items not to be reclassified to profit or loss in subsequent periods
Actuarial gains and losses on defined obligations ....................
Gains (losses) recognised in equity ..........................................
Gains (losses) recognised in equity – deferred tax ...................
Gains (losses) recognised in equity – deferred profit participation
Items to be reclassified to profit or loss in subsequent periods
Currency translation
Gains (losses) recognised in equity
Recognised in the consolidated income statement
Unrealized gains and losses on investments
Gains (losses) recognized in equity ..........................................
Gains (losses) recognised in equity – deferred tax ...................
Gains (losses) recognised in equity – deferred profit participation
Recognised in the consolidated income statement – deferred tax
Recognised in the consolidated income statement – deferred profit participation
Change from measurement under the equity method
Gains (losses) recognised in equity
Other changes ..........................................................................
Other comprehensive income
Total comprehensive income
Of which attributable to shareholders of UNIQA Insurance Group AG
Of which attributable to non-controlling interests
– 46,042
8,841
9,779
– 27,422
– 32,157
6,757
4,579
– 20,821
– 64,364
0
– 24,897
– 6,332
1,318,234
– 127,346
– 893,479
– 174,736
11,112
98,135
– 170,192
21,194
76,778
– 239,082
28,104
150,511
– 7,445
-10,979
-1,710
-1,540
-178,143
-198,964
88,894
86,282
2,612
2,238
162,350
134,928
427,805
426,516
1,289
Sources:
December 2014. No adjustments as made in the Consolidated Income Statement according Q1 2015 have been necessary.
Consolidated Balance Sheet Data
CONSOLIDATED BALANCE SHEET
ASSETS
Amounts in EUR thousand
2014(1)
2013(1)
(as last published)
A. Tangible assets
I. Land and buildings for own use ........................................
II. Other property, plant and equipment .................................
B. Investment property ..............................................................
C. Intangible assets
I. Deferred acquisition costs .................................................
II. Goodwill ...........................................................................
III. Other intangible assets ......................................................
D. Investments in associates .......................................................
E. Investments
I. Variable-yield securities
1. Available for sale ..............................................................
2. At fair value through profit or loss ....................................
- 50 -
187,746
95,760
283,506
1,504,483
198,433
88,156
286,589
1,652,485
998,952
490,059
28,046
1,517,058
528,681
994,501
510,174
24,455
1,529,131
545,053
625,189
98,005
723,194
863,810
131,264
995,074
ASSETS
II.
1.
2.
3.
Fixed interest securities
Held to maturity ................................................................
Available for sale ..............................................................
At fair value through profit or loss ....................................
III.
1.
2.
3.
Loans and other investments
Loans ................................................................................
Cash at credit institutions ..................................................
Deposits with ceding companies .......................................
2014(1)
2013(1)
(as last published)
IV. Derivative financial instruments
1. Variable-yield ...................................................................
2. Fixed interest ....................................................................
V. Investments under investment contracts
F. Unit-linked and index-linked life insurance investments ....
G. Reinsurers´ share of technical provisions
I. Unearned premiums ..........................................................
II. Insurance provision ...........................................................
III. Provisions for unsettled claims .........................................
IV. Other technical provisions ................................................
H. Reinsurers´ share of technical provisions for unit-linked and index-linked life
insurance ................................................................................
I. Receivables including insurance receivables
I. Reinsurance receivables ....................................................
II. Other receivables ..............................................................
III. Other assets .......................................................................
J. Income tax receivables ...........................................................
K. Deferred tax assets .................................................................
L. Current bank balances and cash-in-hand ............................
M. Assets in disposal groups available for sale ..........................
Total assets ....................................................................................
18,016,323
364,630
18,380,953
15,136,246
439,374
15,575,620
835,603
390,046
123,554
1,349,202
944,813
1,273,852
126,761
2.345,426
0
122,340
122,340
53,664
20,629,354
5,386,650
98
73,283
73,381
48,590
19,038,091
5,332,611
16,030
394,307
151,240
1,964
563,540
14,643
413,385
123,620
1,604
553,252
332,974
389,206
45,883
1,014,694
33,967
1,094,544
53,917
6,630
975,764
161,053
33,038,153
84,821
856,146
38,778
979,746
69,881
8,695
616,976
0
31,001,715
Sources:
(1) The financial information has been derived from the audited consolidated financial statements of the Issuer as of and for the year ending on
31 December 2014. No adjustments as made in the Consolidated Income Statement according Q1 2015 have been necessary.
EQUITY AND LIABILITIES
2014(1)
(as last published)
A. Total equity
I. Shareholders' equity
1. Subscribed capital and capital reserves .............................
2. Retained earnings ..............................................................
3. Revaluation reserves .........................................................
4. Actuarial gains and losses on defined benefit obligations .
5. Consolidated profit ...........................................................
II. Minority interests in shareholders' equity..........................
B. Subordinated liabilities ..........................................................
C. Technical provisions
I. Unearned premiums ..........................................................
II. Insurance provision ...........................................................
III. Provision for unsettled claims ...........................................
IV. Provision for non-profit related premium refunds .............
V. Provision for profit related premium refunds and/or policyholder profit
participation .............................................................................
VI. Other technical provisions ................................................
D. Technical provisions for unit-linked and index-linked life insurance
E. Financial liabilities
I. Liabilities from loans ........................................................
- 51 -
2013(1)
1,789,920
894,474
410,778
– 143,503
130,572
3,082,242
20,193
3,102,434
600,000
1,789,920
792,204
177,133
-116,081
119,951
2,.763,127
22,012
2,785,139
600,000
626,641
16,773,299
2,584,844
49,743
631,588
16,447,408
2,367,882
46,479
1,141,282
360,676
44,260
21,220,068
5,306,000
46,182
19,900,215
5,251,035
16,692
18,535
EQUITY AND LIABILITIES
2014(1)
2013(1)
(as last published)
32,489
8,301
49,181
26,836
II. Derivative financial instruments .......................................
F. Other provisions
I. Provisions for pensions and similar obligations ................
II. Other provisions................................................................
G. Liabilities and other items classified as equity and liabilities
I. Reinsurance liabilities .......................................................
II. Other liabilities .................................................................
III. Other items classified as equity and liabilities ..................
H. Income tax liabilities ..............................................................
I. Deferred tax liabilities ...........................................................
J. Liabilities in disposal group held for sale .............................
Total equity and liabilities ............................................................
611,670
222,245
833,914
586,757
249,924
836,681
758,583
583,539
26,628
1,368,751
43,272
355,424
159,107
33,038,153
834,056
505,022
23,040
1,362,117
40,712
198,980
0
31,001,715
Sources:
Consolidated Cash Flow Statement Data
CONSOLIDATED CASH FLOW STATEMENT
2014(1)
(as last published)
2013(1)
Net cash flow from operating activities ............................................................................
Net cash flow used in investing activities .........................................................................
Net cash flow used in financing activities .........................................................................
183,849
286,457
– 111,185
628,027
– 1,781,325
813,009
Change in cash and cash equivalents(3) ..........................................................................
Change in cash and cash equivalents due to movements in exchange rates
Cash and cash equivalents(3) at beginning of period ..........................................................
Cash and cash equivalents(3) at end of period ...............................................................
359,121
- 334
616,976
975,764
– 340,289
- 2,800
960,065
616,976
Sources:
Selected Consolidated Financial Information for the First Quarter of 2015
Figures in € million
Q1 2015
Q1 2014
(adjusted)
1,919.9
1,576.3
Q1 2014
(as
published
in Q1
2014)
1,576.3
2,039.5
1,702.6
1,707.7
1,823.9
(5)
Premiums written
Premiums written including
the savings portion from
unit- and index-linked life
insurance
Premiums earned (net)1)
Premiums
earned
(net)
including the savings portion
of premiums from unit- and
2014
adjusted
2014
(as last
published)
2013
adjusted
2013
(as published
in YE 2014)
5,519.7
5,519.7
5,157.6
5,157.6
1,702.6
6,064.4
6,064.4
5,885.5
5,885.5
1,370.9
1,370.9
5,312.9
5,312.9
4,938.6
4,938.6
1,492.8
1,492.8
5,839.0
5,839.0
5,640.9
5,640,9
- 52 -
index-linked life insurance
Net insurance benefits
Operating expenses (net)2)
Cost
ratio
(net
after
reinsurance)
Combined ratio non-life (net
after reinsurance)
Net investment income
Profit/loss
on
ordinary
activities
Net profit/loss
Consolidated net profit
Return on equity (ROE) after
taxes and minority interests
Investments 3)
Total
equity
including
minority interests
Technical provisions (net) 4)
Total assets
-1,485.9
-335.7
-1,098.9
-325.8
-1,098.9
-316.4
-4,383.7
-1,299.1
-4,383.7
-1,275.3
-3,959.4
-1,386.6
-3,959.4
-1,354.2
18.4%
21.8%
21.2%
22.2%
21.8%
24.6%
24.0%
98.8%
97.9%
97.8%
99.6%
99.5%
99.9%
99.8%
237.2
152.9
143.6
888.2
864.4
812.4
780.0
94.0
81.4
81.4
377.9
377.9
307.6
307.6
77.8
76.9
57.7
55.9
57.7
55.9
292.9
289.9
292.9
289.9
287.9
284.7
287.9
284.7
2.4%
2.0%
2.0%
9.9%
9.9%
11.9%
11.9%
30,299.5
28,264.7
28,264.7
29,212.7
29,212.7
27,383.6
27,383.6
3,292.1
2,915.2
2,957.0
3,102.4
3,102.4
2,785.1
2,785.1
26,276.6
33,955.2
25,009.3
31,959.4
24,928.0
32,026.4
25,629.6
33,038.2
25,629.6
33,038.2
24,208.8
31,001.7
24,208.8
31,001.7
Source and Notes:
Source: Q1 2015 Report and internal information of the Issuer
(1) Fully consolidated values.
(2) Including reinsurance commissions and profit shares from reinsurance business ceded.
(3) Including land and buildings, land and buildings held as financial investments, unit-linked and index-linked life insurance investments, current
bank balances, cash in hand and shares in associated companies.
(4) Including technical provisions for life insurance policies held on account and at risk of policyholders.
(5) Starting in 2015, income from management fees that were deducted from the operating expenses in previous years was reported under
investment income. Prior-year amounts have been adjusted in accordance with IAS 8.42.
Historical Financial Information
The audited consolidated financial statements of the Issuer for the financial years ending 31 December 2014 and
31 December 2013 and the respective auditors' reports thereon are incorporated by reference into this Prospectus.
The unaudited consolidated interim financial statements of the Issuer for the period ending on 31 March 2015 are
incorporated by reference into this Prospectus.
The aforementioned financial statements of the Issuer have been prepared in accordance with the International Financial
Reporting Standards (IFRS), as adopted by the European Union.
- 53 -
TERMS AND CONDITIONS
THE GERMAN TEXT OF THE CONDITIONS OF ISSUE IS LEGALLY BINDING
THE ENGLISH TRANSLATION IS FOR INFORMATION PURPOSES ONLY
DER DEUTSCHE TEXT DIESER ANLEIHEBEDINGUNGEN IST RECHTSVERBINDLICH
DIE ENGLISCHE ÜBERSETZUNG DIENT LEDIGLICH INFORMATIONSZWECKEN
The English language translation of the legally binding German text of the Terms and Conditions relating to the
Notes has not been reviewed by the FMA.
ANLEIHEBEDINGUNGEN
der
TERMS AND CONDITIONS
of the
EUR 500.000.000
Nachrangige Fest zu Variabel verzinslichen
Schuldverschreibungen mit vorgesehener
Endfälligkeit in 2046
EUR 500,000,000
Subordinated Fixed to Floating Rate Notes with
scheduled maturity in 2046
begeben von der
issued by
UNIQA Insurance Group AG, Wien, Österreich
UNIQA Insurance Group AG, Vienna, Republic of
Austria
§1
DEFINITIONEN UND AUSLEGUNG
§1
DEFINITIONS AND INTERPRETATION
Soweit aus dem Zusammenhang nichts anderes
hervorgeht, haben die nachfolgenden Begriffe in diesen
Anleihebedingungen die folgende Bedeutung:
Unless the context otherwise requires, the following
terms shall have the following meanings in these Terms
and Conditions:
"Anleihebedingungen"
Anleihebedingungen.
diese
"Terms and Conditions" means these Terms and
Conditions.
"Anleihegläubiger" bezeichnet jeden Inhaber eines
Miteigentumsanteils
oder
-rechts
an
einer
Globalurkunde.
"Noteholder" means any holder of a proportional coownership participation or right in a Global Note.
"Anzuwendendes Aufsichtsrecht" bezeichnet (i) die
Bestimmungen
des
österreichischen
Versicherungsaufsichtsrechts, einschließlich (aber nicht
beschränkt
auf)
das
österreichische
Versicherungsaufsichtsgesetz; (ii) Solvency II nach dem
Solvency II-Umsetzungsdatum; (iii) alle Verordnungen,
Standards, Vorgaben, Bescheide, Entscheidungen oder
andere
Regeln
sowie
allgemein
anerkannte
Verwaltungspraktiken der Aufsichtsbehörde; und/oder
(iv) alle Standards oder Vorgaben der Europäischen
Aufsichtsbehörde für das Versicherungswesen und die
betriebliche Altersversorgung (European Insurance and
Occupational Pensions Authority – EIOPA) oder jeder
Nachfolgebehörde,
jeweils
betreffend
Kapitalanforderungen der Emittentin und/oder der
UNIQA Gruppe, und in der jeweils geltenden Fassung.
"Applicable Supervisory Law" means (i) the provisions
of Austrian insurance regulatory law, including (but not
limited to) the Austrian Insurance Supervision Act;
(ii) Solvency II, after the Solvency II Implementation
Date; (iii) any regulations, standards, guidelines, rulings,
decisions or other rules as well as generally recognised
administrative practices of the Supervisory Authority;
and/or (iv) any standards or guidelines of the European
Insurance and Occupational Pensions Authority (EIOPA)
or any such successor authority, in each case, regarding
capital requirement purposes of the Issuer and/or
UNIQA Group, and as amended from time to time.
"Anzuwendendes Insolvenzrecht" bezeichnet die auf
die Emittentin anwendbaren Bestimmungen des
relevanten Insolvenzrechts einschließlich (aber nicht
beschränkt auf) die österreichische Insolvenzordnung
(IO) und alle diesbezüglichen Regelungen und
Verordnungen
(einschließlich
anwendbarer
Gerichtsentscheidungen), in der jeweils geltenden
"Applicable Insolvency Law" means the provisions of
the relevant insolvency laws, including (but not limited
to) the Austrian Insolvency Code (Insolvenzordnung IO), and any rules and regulations thereunder (including
any applicable decision of a court) applicable to the
Issuer, as amended from time to time.
bezeichnet
- 54 -
Fassung.
"Anzuwendende
Rechnungslegungsvorschriften"
bezeichnet die International Financial Reporting
Standards (IFRS), wie sie zu den jeweiligen Stichtagen
und für die jeweiligen Rechnungslegungsperioden
anzuwenden sind, oder andere, von der Emittentin
angewandte, in Österreich allgemein anerkannte
Rechnungslegungsgrundsätze, die diese in Zukunft
ersetzen.
"Applicable Accounting Standards" means the
International Financial Reporting Standards (IFRS) as
applicable at the relevant dates and for the relevant
accounting periods, or other accounting principles
generally accepted in the Republic of Austria, which are
applied by the Issuer, which subsequently supersede
them.
"Aufsichtsbehörde" bezeichnet die österreichische
Finanzmarktaufsichtsbehörde
(FMA)
oder
jede
Nachfolgebehörde, die für die Aufsicht der Emittentin
und/oder
der
UNIQA
Gruppe
gemäß
dem
Anzuwendenden Aufsichtsrecht zuständig ist.
"Supervisory Authority" means the Austrian Financial
Market Authority (Finanzmarktaufsichtsbehörde - FMA)
or any successor authority responsible to supervise the
Issuer and/or UNIQA Group pursuant to the Applicable
Supervisory Law.
"Aufsichtsrechtliches Ereignis" hat die in § 5(2)(h)
festgelegte Bedeutung.
"Regulatory Event" has the meaning specified in
§ 5(2)(h).
"Ausgabetag" bezeichnet den 27. Juli 2015.
"Issue Date" means 27 July 2015.
"Austauschtag"
Bedeutung.
hat
die
festgelegte
"Exchange Date" has the meaning specified in
§ 2(2)(b).
"Berechnungsstelle" hat die in § 9(2) festgelegte
Bedeutung.
"Calculation Agent" has the meaning specified in
§ 9(2).
"Berechnungszeitraum" hat die in § 4(2)(d) festgelegte
Bedeutung.
"Calculation Period" has the meaning specified in
§ 4(2)(d).
"Bildschirmseite" hat die in § 4(2)(c) festgelegte
Bedeutung.
"Screen Page" has the meaning specified in § 4(2)(c).
"Clearingsystem" bezeichnet Clearstream Banking S.A.,
Luxemburg, 42 Avenue JF Kennedy, L-1855
Luxemburg, Luxemburg und Euroclear Bank SA/NV 1,
Boulevard du Roi Albert II, B-1210 Brüssel als Betreiber
des Euroclear-Systems.
"Clearing System" means Clearstream Banking S.A.,
Luxembourg 42 Avenue JF Kennedy, L-1855
Luxembourg, Luxembourg and Euroclear Bank SA/NV
1, Boulevard du Roi Albert II, B-1210 Brussels as
operator of the Euroclear System.
"Dauerglobalurkunde" hat die in § 2(2)(a) festgelegte
Bedeutung.
"Permanent Global Note" has the meaning specified in
§ 2(2)(a).
"Depotbank" bezeichnet ein Kredit- oder sonstiges
Finanzinstitut,
bei
dem
der
Anleihegläubiger
Schuldverschreibungen im Depot verwahren lässt.
"Custodian" means any bank or other financial
institution with which the Noteholder maintains a
securities account in respect of any Notes.
"Emittentin" bezeichnet die UNIQA Insurance Group
AG.
"Issuer" means UNIQA Insurance Group AG.
"Endfälligkeitstag"
Bedeutung.
festgelegte
"Final Maturity Date" has the meaning specified in
§ 5(1).
"Ergänzungskapital" bezeichnet Ergänzungskapital
gemäß
§ 73c(2)
des
Österreichischen
Versicherungsaufsichtsgesetzes, das als Eigenmittel
anrechenbar ist.
"Supplementary Capital" means supplementary capital
(Ergänzungskapital) pursuant to § 73c(2) of the Austrian
Insurance Supervision Act, eligible as own funds
(Eigenmittel).
"Erster
Emittenten
27. Juli 2026.
"First Issuer Call Date" means 27 July 2026.
hat
in
die
§ 2(2)(b)
in § 5(1)
Kündigungstag"
ist
der
"Euro" oder "EUR" bezeichnet die zu Beginn der dritten
"Euro" or "EUR" means the currency introduced at the
- 55 -
Stufe der Wirtschafts- und Währungsunion eingeführte
Währung, wie sie in Artikel 2 der Verordnung des Rates
(EG) Nr. 974/98 vom 3. Mai 1998 über die Einführung
des Euro, in der jeweils geltenden Fassung, definiert
wird.
start of the third stage of European economic and
monetary union and as defined in Article 2 of Council
Regulation (EC) No 974/98 of 3 May 1998 on the
introduction of the euro, as amended.
"Festzins-Betrag"
Bedeutung.
festgelegte
"Fixed Interest Amount" has the meaning specified in
§ 4(1).
"Festzins-Zahlungstag" hat die in § 4(1)(a) festgelegte
Bedeutung.
"Fixed Interest Payment Date" has the meaning
specified in § 4(1)(a).
"Früherer Sitz" hat die in § 12(1)(d) festgelegte
Bedeutung.
"Former Residence" has the meaning specified in
§ 12(1)(d).
"Geschäftstag" bezeichnet jeden Tag, der ein TARGET
Geschäftstag ist und an dem das Clearing System
Zahlungen in Euro abwickelt.
"Business Day" means any day that is a TARGET
Business Day and on which the Clearing System settles
payments in Euro.
"Gleichrangige Instrumente"
"Parity Instruments" has the meaning specified in
§ 3(1).
hat
die
in
§ 4(1)
hat
die
in
§ 3(1)
"Globalurkunden" hat die in § 2(2)(a) festgelegte
Bedeutung.
"Global Notes" has the meaning specified in § 2(2)(a).
"Gross-up Ereignis" hat die in § 5(2)(b) festgelegte
Bedeutung.
"Gross-up Event" has the meaning specified in
§ 5(2)(b).
"Hauptzahlstelle"
Bedeutung.
"Principal Paying Agent" has the meaning specified in
§ 9(1).
hat
die
in
§ 9(1)
festgelegte
"Insolvenzereignis" hat die in § 4(3) festgelegte
Bedeutung.
"Insolvency Event" has the meaning specified in § 4(3).
"Marge" hat die in § 4(2)(c) festgelegte Bedeutung.
"Margin" has the meaning specified in § 4(2)(c).
"Nachfolgeschuldnerin" hat die in § 12(1) festgelegte
Bedeutung.
"Substitute Debtor" has the meaning specified in
§ 12(1).
"Nachrangige Instrumente" hat die in § 3(1) festgelegte
Bedeutung.
"Junior Instruments" has the meaning specified in
§ 3(1).
"Nennbetrag" hat die in § 2(1) festgelegte Bedeutung.
"Principal Amount" has the meaning specified in
§ 2(1).
"Neuer Sitz" hat die in § 12(1)(d) festgelegte Bedeutung.
"New Residence" has the meaning specified in
§ 12(1)(d).
"Obligatorisches Aussetzungsereignis" hat die in § 4(3)
"Mandatory Suspension Event" has the meaning
specified in § 4(3).
"Obligatorischer Zinszahlungstag" hat die in § 4(3)
"Compulsory Interest Payment Date" has the meaning
"Obligatorisches Zinszahlungsereignis" hat die in
§ 4(3) festgelegte Bedeutung.
"Compulsory Interest Payment Event" has the
meaning specified in § 4(3).
"Österreichisches
Versicherungsaufsichtsgesetz"
bezeichnet
das
Österreichische
Versicherungsaufsichtsgesetz (VAG), in der jeweils
geltenden Fassung.
"Austrian Insurance Supervision Act" means the
Austrian
Insurance
Supervision
Act
(Versicherungsaufsichtsgesetz - VAG), as amended from
time to time.
"Qualifizierte Mehrheit" hat die in § 13(2) festgelegte
"Qualified Majority" has the meaning specified in
- 56 -
Bedeutung.
§ 13(2).
"Ratingagentur" bezeichnet jede der Ratingagenturen
von Fitch Ratings, Moody's Investors Service oder
Standard & Poor's Credit Market Services Europe
Limited (Niederlassung Deutschland) und die jeweiligen
Rechtsnachfolger ihres Ratinggeschäfts.
"Rating Agency" means each of the rating agencies of
Fitch Ratings, Moody's Investors Service or
Standard & Poor's Credit Market Services Europe
Limited (German Branch) and their respective successors
to their ratings business.
"Ratingagenturereignis" hat die in § 5(2)(f) festgelegte
Bedeutung.
"Rating Agency Event" has the meaning specified in
§ 5(2)(f).
"Rechnungslegungsereignis"
§ 5(2)(e)
"Accounting Event" has the meaning specified in
§ 5(2)(e).
"Referenzbanken" hat die in § 4(2)(c) festgelegte
Bedeutung.
"Reference Banks" has the meaning specified in
§ 4(2)(c).
"Relevantes Datum" hat die in § 7 festgelegte
Bedeutung.
"Relevant Date" has the meaning specified in § 7.
"Rückzahlungsbedingungen"
§ 5(6)
"Redemption Conditions" has the meaning specified in
§ 5(6).
"Rückzahlungsbetrag" hat die in § 5(3) festgelegte
Bedeutung.
"Redemption Amount" has the meaning specified in
§ 5(3).
"Rückzahlungstag" bezeichnet den Tag, an dem die
Schuldverschreibungen
nach
Maßgabe
dieser
Anleihebedingungen zur Rückzahlung fällig werden.
"Redemption Date" means the day on which the Notes
become due for redemption in accordance with these
Terms and Conditions.
"Schuldverschreibungen" hat die in § 2(1) festgelegte
Bedeutung.
"Notes" has the meaning specified in § 2(1).
"SchVG" hat die in § 13(1) festgelegte Bedeutung.
"SchVG" has the meaning specified in § 13(1).
"Solvency II" bezeichnet die Gesetze und Verordnungen
gemäß (i) der Richtlinie 2009/138/EG des Europäischen
Parlaments und des Rates vom 25. November 2009
betreffend die Aufnahme und Ausübung der
Versicherungs- und der Rückversicherungstätigkeit
(Solvabilität II)
(Neufassung);
(ii) alle
weiteren
Rechtsakte der Europäischen Union, einschließlich (aber
nicht beschränkt auf) die Delegierte Verordnung (EU)
2015/35 der Kommission vom 10. Oktober 2014 zur
Ergänzung der Richtlinie 2009/138/EG des Europäischen
Parlaments und des Rates betreffend die Aufnahme und
Ausübung
der
Versicherungsund
der
Rückversicherungstätigkeit (Solvabilität II); und/oder
(iii) die
vorstehenden
Rechtsakte
umsetzendes
österreichisches Recht, einschließlich (aber nicht
beschränkt
auf)
das
österreichische
Versicherungsaufsichtsgesetz 2016 (VAG 2016), jeweils
in der geltenden Fassung.
"Solvency II" means the laws and regulations under
(i) Directive 2009/138/EC of the European Parliament
and of the Council of 25 November 2009 on the takingup and pursuit of the business of Insurance and
Reinsurance (Solvency II) (recast); (ii) any other
respective legislative acts of the European Union,
including (but not limited to) the Commission Delegated
Regulation (EU) 2015/35 of 10 October 2014
supplementing Directive 2009/138/EC of the European
Parliament and of the Council on the taking-up and
pursuit of the business of Insurance and Reinsurance
(Solvency II); and/or (iii) Austrian law implementing the
same, including (but not limited to) the Austrian
Insurance
Supervision
Act
2016
(Versicherungsaufsichtsgesetz 2016 – VAG 2016), in
each case, as amended from time to time.
"Solvency II-Umsetzungsdatum"
bezeichnet
das
Datum, an dem Solvency II Teil des Anzuwendenden
Aufsichtsrechts wird, aber nicht vor dem 1.1.2016, oder
ein späteres Datum im Falle einer Verschiebung von
Solvency II.
"Solvency II Implementation Date" means the date on
which Solvency II becomes part of the Applicable
Supervisory Law, but not before 1 January 2016, or any
later date, in case of a postponement of Solvency II.
"Solvenz-Kapitalereignis"
"Solvency Capital Event" has the meaning specified in
hat
hat
die
hat
die
in
die
in
in
§ 4(5)(b)
- 57 -
"Steuerereignis"
Bedeutung.
hat
§ 4(5)(b).
die in
§ 5(2)(d) festgelegte
"Tax Event" has the meaning specified in § 5(2)(d).
"TARGET Geschäftstag" bezeichnet jeden Tag, an dem
das Trans-European Automated Real-time Gross
settlement Express Transfer (TARGET 2) System in
Betrieb ist.
"TARGET Business Day" means a day on which the
Trans-European Automated Real-time Gross settlement
Express Transfer (TARGET 2) system is operating.
"Tier 2" bezeichnet tier 2 Posten, die gemäß Solvency II
als
Eigenmittel
anrechenbar
sind
(wie
im
Anzuwendenden Aufsichtsrecht vorgeschrieben).
"Tier 2" means tier 2 items pursuant to Solvency II
eligible as own funds (as stipulated in the Applicable
Supervisory Law).
"UNIQA Gruppe" bezeichnet die Emittentin und
sämtliche nach dem Anzuwendenden Aufsichtsrecht
durch
die
Emittentin
zu
konsolidierende
Konzernunternehmen.
"UNIQA Group" means the Issuer and any group
entities to be consolidated by the Issuer pursuant to the
Applicable Supervisory Law.
"Variabler Zinsbetrag" hat die in § 4(2)(d) festgelegte
Bedeutung.
"Floating Interest Amount" has the meaning specified
in § 4(2)(d).
"Variabler
Zinszahlungstag"
ist,
vorbehaltlich
§ 4(2)(b), der, 27. Juli, der 27. Oktober, der 27. Januar
und der 27. April eines jeden Jahres beginnend mit dem
27. Oktober 2026 (einschließlich).
"Floating Interest Payment Date" means, subject to
§ 4(2)(b), 27 July, 27 October, 27 January and 27 April
in each year, commencing on and including
27 October 2026.
"Variabler Zinszeitraum" bezeichnet jeweils die
Zeiträume vom Ersten Emittenten Kündigungstag
(einschließlich)
bis
zum
ersten
Variablen
Zinszahlungstag (ausschließlich) und danach von jedem
Variablen Zinszahlungstag (einschließlich) bis zum
jeweils darauffolgenden Variablen Zinszahlungstag
(ausschließlich).
"Floating Interest Period" means each period from and
including the First Issuer Call Date to, but excluding, the
first Floating Interest Payment Date and, thereafter, from
and including each Floating Interest Payment Date to,
but excluding, the immediately following Floating
Interest Payment Date.
"Vereinbarungen" hat die in § 12(1)(b) festgelegte
Bedeutung.
"Documents" has the meaning specified in § 12(1)(b).
"Vereinigte Staaten" hat die in § 2(2)(b) festgelegte
Bedeutung.
"United States" has the meaning specified in § 2(2)(b).
"Vorgesehener Endfälligkeitstag" ist der Variable
Zinszahlungstag, der auf oder um den 27. Juli 2046 fällt.
"Scheduled Maturity Date" means the Floating Interest
Payment Date falling on or nearest to 27 July 2046.
"Vorläufige Globalurkunde" hat die in § 2(2)(a)
"Temporary Global Note" has the meaning specified in
§ 2(2)(a).
"Vorstand" bezeichnet jedes Mitglied des Vorstandes
der Emittentin.
"Director" means a member of the management board
(Vorstand) of the Issuer.
"Vorzeitiges Rückzahlungsereignis" hat die in § 5(2)
"Early Redemption Event" has the meaning specified
in § 5(2).
"Wahlweiser Zinszahlungstag" hat die in § 4(4)
"Optional Interest Payment Date" has the meaning
"Zahlstelle" hat die in § 9(4) festgelegte Bedeutung.
"Paying Agent" has the meaning specified in § 9(4).
"Zinstagequotient" hat die in § 4(2)(d) festgelegte
Bedeutung.
"Day Count Fraction" has the meaning specified in
§ 4(2)(d).
"Zusätzliche Beträge" hat die in § 7 festgelegte
"Additional Amounts" has the meaning specified in § 7.
- 58 -
Bedeutung.
"Zinsbetrag" bezeichnet den Festzins-Betrag oder den
Variablen Zinsbetrag.
"Interest Amount" means the Fixed Interest Amount or
the Floating Interest Amount.
"Zinsfestlegungstag" hat die in § 4(2)(c) festgelegte
Bedeutung.
"Interest Determination Date" has the meaning
specified in § 4(2)(c).
"Zinssatz" hat die in § 4(2)(c) festgelegte Bedeutung.
"Rate of Interest" has the meaning specified in
§ 4(2)(c).
"Zinszahlungstag"
bezeichnet
jeden
FestzinsZahlungstag und jeden Variablen Zinszahlungstag.
"Interest Payment Date" means any Fixed Interest
Payment Date and any Floating Interest Payment Date.
§2
NENNBETRAG; VERBRIEFUNG;
VERWAHRUNG; ÜBERTRAGBARKEIT
§2
PRINCIPAL AMOUNT; FORM; DEPOSIT;
TRANSFERABILITY
(1)
Nennbetrag
(1)
Die Emission der Nachrangigen Fest zu Variabel
verzinslichen
der
Emittentin ist eingeteilt in an den Inhaber
zahlbare
(die
"Schuldverschreibungen";
dieser
Begriff
umfasst
sämtliche
weiteren
Schuldverschreibungen, die gemäß § 10 begeben
werden und eine einheitliche Serie mit den
Schuldverschreibungen bilden) mit einem
Nennbetrag von jeweils Euro 100.000 (in
Worten:
Euro
einhunderttausend)
(der
"Nennbetrag") im Gesamtnennbetrag von Euro
500.000.000 (in Worten: Euro fünfhundert
Millionen).
(2)
Vorläufige Globalurkunde — Austausch —
Dauerglobalurkunde
Principal Amount
The issue of the Subordinated Fixed to Floating
Rate Notes by the Issuer is divided into notes (the
"Notes"; this term includes any further Notes
issued pursuant to § 10 that form a single series
with the Notes) payable to bearer, with a
principal amount of Euro 100,000 (in words: euro
one hundred thousand) each (the "Principal
Amount") in the aggregate principal amount of
Euro 500,000,000 (in words: euro five hundred
million).
(2)
Temporary Global Note
Permanent Global Note
—
Exchange
—
(a)
Die
sind
anfänglich
durch
eine
vorläufige
Globalurkunde
(die
"Vorläufige
Globalurkunde")
ohne
Zinsscheine
verbrieft. Die Vorläufige Globalurkunde
wird gegen eine Dauerglobalurkunde (die
"Dauerglobalurkunde"; die Vorläufige
Globalurkunde
und
die
Dauerglobalurkunde
zusammen
die
"Globalurkunden") ohne Zinsscheine
ausgetauscht. Jede Globalurkunde trägt
die eigenhändigen Unterschriften zweier
ordnungsgemäß
bevollmächtigter
Vertreter der Emittentin und ist jeweils
von der Hauptzahlstelle oder in deren
Namen mit einer Kontrollunterschrift
versehen. Einzelurkunden und Zinsscheine
werden nicht ausgegeben.
(a)
The Notes are initially represented by a
temporary global note (the "Temporary
Global Note") without interest coupons.
The Temporary Global Note will be
exchanged for a permanent global Note
(the "Permanent Global Note"; the
Temporary Global Note and the
Permanent Global Note together the
"Global Notes") without interest coupons.
Each Global Note shall be signed
manually by two authorised signatories of
the Issuer and shall be authenticated by or
on behalf of the Principal Paying Agent.
Definitive Notes and interest coupons
shall not be issued.
(b)
Die Vorläufige Globalurkunde wird an
einem Tag (der "Austauschtag"), der
nicht mehr als 180 Kalendertage nach dem
Ausgabetag
liegt,
gegen
die
(b)
The Temporary Global Note shall be
exchanged for the Permanent Global Note
on a date (the "Exchange Date") not later
than 180 calendar days after the Issue
- 59 -
(3)
Dauerglobalurkunde ausgetauscht. Der
Austauschtag darf nicht vor Ablauf von 40
Kalendertagen nach dem Ausgabetag
liegen. Ein solcher Austausch darf nur
nach Vorlage von Bescheinigungen über
das Nichtbestehen U.S.-amerikanischen
wirtschaftlichen
Eigentums
(U.S.
beneficial
ownership)
an
den
Schuldverschreibungen, die nach Inhalt
und Form den Anforderungen des Rechts
der Vereinigten Staaten und den dann
bestehenden Usancen des Clearingsystems
entsprechen, erfolgen. Solange die
durch
die
Vorläufige Globalurkunde verbrieft sind,
werden Zinszahlungen erst nach Vorlage
dieser Bescheinigungen vorgenommen.
Für jede Zinszahlung ist eine gesonderte
Bescheinigung erforderlich.
Date. The Exchange Date shall not be
earlier than 40 calendar days after the
Issue Date. Such exchange shall only be
made upon delivery of certifications as to
non U.S. beneficial ownership of the
Notes, the contents and form of which
shall correspond to the applicable
requirements of the laws of the United
States and the then prevailing standard
practices of the Clearing System. Payment
of interest on Notes represented by the
Temporary Global Note shall be made
only after delivery of such certifications.
A separate certification shall be required
in respect of each such payment of
interest.
"Vereinigte Staaten" bezeichnet die
Vereinigten
Staaten
von
Amerika
(einschließlich deren Bundesstaaten und
des District of Columbia) sowie deren
Territorien (einschließlich Puerto Rico,
der U.S. Virgin Islands, Guam, American
Samoa, Wake Island und der Northern
Mariana Islands).
"United States" means the United States
of America (including the States thereof
and the District of Columbia) and its
possessions (including Puerto Rico, the
U.S. Virgin Islands, Guam, American
Samoa, Wake Island and Northern
Mariana Islands).
Übertragbarkeit
(3)
Den
Anleihegläubigern
stehen
Miteigentumsanteile oder -rechte an den
Globalurkunden zu, die nach Maßgabe des
anwendbaren Rechts und der jeweils geltenden
Regelwerke des Clearingsystems übertragen
werden können.
The Noteholders shall receive proportional coownership participations or rights in the Global
Notes that are transferable in accordance with
applicable law and applicable rules of the
Clearing System.
§3
STATUS DER SCHULDVERSCHREIBUNGEN;
KEINE SICHERHEITEN;
AUFRECHNUNGSVERBOT
(1)
Transferability
§3
STATUS OF THE NOTES; NO SECURITY;
PROHIBITION OF SET-OFF
Status der Schuldverschreibungen
(1)
Status of the Notes
Die Schuldverschreibungen sollen ab dem
Solvency II-Umsetzungsdatum Tier 2 darstellen.
The Notes are intended to constitute Tier 2 from
the Solvency II Implementation Date.
Die Verbindlichkeiten der Emittentin aus den
Schuldverschreibungen begründen direkte, nicht
besicherte und nachrangige Verbindlichkeiten der
Emittentin, die (i) nachrangig gegenüber allen
gegenwärtigen
oder
zukünftigen
nichtnachrangigen
Instrumenten
oder
Verbindlichkeiten
der
Emittentin
sind;
(ii) gleichrangig untereinander und zumindest
gleichrangig mit allen anderen gegenwärtigen
oder zukünftigen nicht besicherten Instrumenten
oder Verbindlichkeiten der Emittentin sind, die
nachrangig
zu
allen
nicht-nachrangigen
Verbindlichkeiten oder Instrumenten der
The obligations of the Issuer under the Notes
constitute direct, unsecured and subordinated
obligations of the Issuer which rank: (i) junior to
all present or future unsubordinated instruments
or obligations of the Issuer; (ii) pari passu among
themselves, and at least pari passu with all other
present or future unsecured instruments or
obligations of the Issuer which rank, or are
expressed to rank junior to all unsubordinated
obligations or instruments (including obligations
in relation to Supplementary Capital) of the
Issuer (the "Parity Instruments"); and
(iii) senior to all present or future instruments or
- 60 -
Emittentin (einschließlich Verbindlichkeiten in
Bezug auf Ergänzungskapital) sind oder als
nachrangig zu diesen bezeichnet werden (die
"Gleichrangigen
Instrumente");
und
(iii) vorrangig gegenüber allen gegenwärtigen
oder
zukünftigen
Instrumenten
oder
Verbindlichkeiten der Emittentin sind, die
nachrangig zu den Verbindlichkeiten der
Emittentin aus den Schuldverschreibungen sind
oder als nachrangig zu diesen bezeichnet werden,
einschließlich gegenüber Verbindlichkeiten in
Bezug auf Partizipationskapital gemäß § 73c (1)
des
Österreichischen
Versicherungsaufsichtsgesetzes
sowie
Grundkapital jeder Gattung und jedem anderen
tier 1-Eigenmittel gemäß dem Anzuwendenden
Aufsichtsrecht (alle diese Verbindlichkeiten und
Aktien, die "Nachrangigen Instrumente").
obligations of the Issuer which rank, or are
expressed to rank, junior to the obligations of the
Issuer under the Notes, including obligations in
relation
to,
participation
capital
(Partizipationskapital) pursuant to § 73c (1) of
the Austrian Insurance Supervision Act as well as
share capital (Grundkapital) of any class and any
other tier 1 own-fund item pursuant to Applicable
Supervisory Law (all such obligations and shares,
the "Junior Instruments").
Im Fall der Auflösung, Liquidation oder
Insolvenz der Emittentin oder eines sonstigen
Verfahrens zur Abwendung der Insolvenz der
Emittentin sind die Verbindlichkeiten der
Emittentin aus den Schuldverschreibungen im
Rang gegenüber den Ansprüchen aller Inhaber
nicht-nachrangiger Verbindlichkeiten nachrangig,
so dass in diesen Fällen und so lange das
Eigenkapital der Emittentin im Sinne des
§ 255 (1)
des
österreichischen
Unternehmensgesetzbuchs (UGB) negativ ist,
Zahlungen auf die Schuldverschreibungen erst
erfolgen, wenn alle Ansprüche gegen die
Emittentin aus Verbindlichkeiten, die den
Verbindlichkeiten der Emittentin aus den
nach
diesen
Anleihebedingungen oder kraft Gesetzes im Rang
vorgehen, vollständig befriedigt sind. Erst
nachdem die zuvor benannten Ansprüche
befriedigt sind und die Verbindlichkeiten der
Emittentin aus den Schuldverschreibungen
vollständig erfüllt sind, können verbleibende
Vermögensgegenstände
an
Inhaber
von
Instrumenten, die den Schuldverschreibungen im
Rang nachgehen, verteilt werden.
In the event of the liquidation, dissolution or
insolvency of the Issuer or any proceeding for the
avoidance of insolvency of the Issuer, the
obligations of the Issuer under the Notes shall be
subordinated to the claims of all holders of
unsubordinated obligations so that in any such
event and as long as the equity of the Issuer is
negative in the meaning of § 255 (1) Austrian
Commercial Code (Unternehmensgesetzbuch –
UGB) (negatives Eigenkapital) payments in
respect of the Notes will not be made until all
claims against the Issuer under obligations which
rank senior to obligations of the Issuer under the
Notes in accordance with these Terms and
Conditions or by operation of law have been
satisfied in full. Only after the aforementioned
claims will first have been satisfied and the
obligations of the Issuer under the Notes have
been satisfied in full, may any remaining assets
be distributed to holders of any instruments that
rank junior to the Notes.
Die Anleihegläubiger erklären, dass keine
Insolvenzverfahren gegen die Emittentin in
Bezug auf Verbindlichkeiten der Emittentin aus
den Schuldverschreibungen eröffnet werden
müssen. Die Schuldverschreibungen werden bei
der Prüfung, ob die Verbindlichkeiten der
Emittentin ihre Vermögenswerte übersteigen,
nicht berücksichtigt; die Verbindlichkeiten der
Emittentin aus den Schuldverschreibungen
werden daher auch nicht bei der Prüfung, ob eine
Überschuldung
gemäß
§ 67 (3)
der
österreichischen Insolvenzordnung (IO) vorliegt,
berücksichtigt.
The Noteholders declare that no insolvency
proceedings against the Issuer are required to be
opened in relation to the obligations of the Issuer
under the Notes. The Notes do not contribute to a
determination that the liabilities of the Issuer
exceed its assets; therefore the obligations of the
Issuer under the Notes, if any, will not contribute
to the determination of over-indebtedness
(Überschuldung) in accordance with § 67(3) of
the Austrian Insolvency Code (Insolvenzordnung
- IO).
- 61 -
(2)
Keine Sicherheiten
(2)
Für die Rechte der Anleihegläubiger aus den
ist
diesen
keine
Sicherheit durch die Emittentin oder durch Dritte
gestellt; eine solche Sicherheit wird auch zu
keinem anderen Zeitpunkt gestellt werden.
(3)
Aufrechnungsverbot
No security
No security is, or shall at any time be, granted by
the Issuer or any other person securing rights of
the Noteholders under the Notes.
(3)
Prohibition of set-off
Die Anleihegläubiger sind nicht berechtigt,
Forderungen aus den Schuldverschreibungen
gegen mögliche Forderungen der Emittentin
aufzurechnen. Die Emittentin ist nicht berechtigt,
mögliche Forderungen gegen Anleihegläubiger
mit
ihren
Verbindlichkeiten
aus
den
Schuldverschreibungen aufzurechnen.
No Noteholder may set off any claims arising
under the Notes against any claims that the Issuer
may have against the Noteholder. The Issuer may
not set off any claims it may have against any
Noteholder against any of its obligations under
the Notes.
§4
ZINSEN; OBLIGATORISCHE ZINSZAHLUNGEN;
WAHLWEISE ZINSAUSSETZUNG; ZWINGENDE
ZINSAUSSETZUNG; ZAHLUNG
AUSGESETZTER ZINSZAHLUNGEN
§4
INTEREST; COMPULSORY INTEREST
PAYMENTS; OPTIONAL INTEREST DEFERRAL;
MANDATORY INTEREST DEFERRAL;
PAYMENT OF DEFERRED INTEREST
(1)
(1)
Festzinszahlungen
Fixed Interest Payments
Vorbehaltlich einer vorzeitigen Rückzahlung
gemäß diesen Anleihebedingungen und der
Bestimmungen dieses § 4 werden Zinsen auf die
vom
Ausgabetag
(einschließlich) bis zum Ersten Emittenten
Kündigungstag (ausschließlich) wie folgt gezahlt:
Unless previously redeemed in accordance with
these Terms and Conditions and subject to the
provisions of this § 4, interest on the Notes from
and including the Issue Date to, but excluding,
the First Issuer Call Date shall be paid as follows:
(a)
Die Schuldverschreibungen werden mit
jährlich 6,00 % auf ihren Nennbetrag
verzinst. Diese Zinsen sind nachträglich
jährlich am 27. Juli eines jeden Jahres
(jeder ein "Festzins-Zahlungstag") zur
Zahlung
geplant,
erstmals
am
27. Juli 2016, und werden gemäß den in
§ 4(3), § 4(4) und § 4(5) festgelegten
Bedingungen fällig.
(a)
The Notes bear interest at the rate of
6.00 per cent. per annum on their
Principal Amount. Such interest shall be
scheduled to be paid annually in arrear on
27 July of each year (each a "Fixed
Interest Payment Date"), commencing
on 27 July 2016, and will be due and
payable (fällig) in accordance with the
conditions set forth in § 4(3), § 4(4) and
§ 4(5).
(b)
Die für einen Zeitraum bis zum Ersten
Emittenten
Kündigungstag
(ausschließlich) an dem jeweiligen
Festzins-Zahlungstag anfallenden Zinsen
je Schuldverschreibung (der "FestzinsBetrag") werden auf Basis des
Festzinstagequotienten berechnet.
(b)
Interest for any period of time to but
excluding the First Issuer Call Date
accruing per Note on the respective Fixed
Interest Payment Date ("Fixed Interest
Amount") will be calculated on the basis
of the Fixed Day Count Fraction.
"Festzinstagequotient" bezeichnet bei der
Berechnung des Zinsbetrages auf eine
Schuldverschreibung für einen beliebigen
Zeitraum (ab dem ersten Tag dieses Zeitraums
(einschließlich) bis zum letzten Tag dieses
Zeitraums
(ausschließlich))
(der
"Berechnungszeitraum"):
"Fixed Day Count Fraction" means, in respect
of the calculation of an amount of interest on any
Note for any period of time (from and including
the first day of such period to but excluding the
last day of such period) (the "Calculation
Period"):
(A)
(A)
wenn der Berechnungszeitraum der
Feststellungsperiode entspricht, in die er
- 62 -
if the Calculation Period is equal to or
shorter than the Determination Period
fällt, oder kürzer als diese ist, die Anzahl
von Tagen in dem Berechnungszeitraum
dividiert durch die Anzahl von Tagen in
der betreffenden Feststellungsperiode; und
(B)
during which it falls, the number of days
in the Calculation Period divided by the
number of days in such Determination
Period; and
wenn der Berechnungszeitraum länger als
eine Feststellungsperiode ist, die Summe
aus
(B)
(I)
der Anzahl der Tage in dem
betreffenden Berechnungszeitraum,
die in die Feststellungsperiode
fallen,
in
der
der
Berechnungszeitraum
beginnt,
dividiert durch die Anzahl der Tage
in
der
betreffenden
Feststellungsperiode; und
(I)
the number of days in such
Calculation Period falling in the
Determination Period in which the
Calculation Period begins divided
by the number of days in such
Determination Period; and
(II)
die Anzahl der Tage in dem
betreffenden Berechnungszeitraum,
die
in
die
nachfolgende
Feststellungsperiode
fallen,
dividiert durch die Anzahl der Tage
in
der
betreffenden
Feststellungsperiode.
(II)
the number of days in such
Calculation Period falling in the
next Determination Period divided
by the number of days in such
Determination Period.
"Feststellungsperiode" bezeichnet jede Periode
von 27. Juli (einschließlich) eines beliebigen
Jahres bis zum nächsten 27. Juli (ausschließlich).
(2)
if the Calculation Period is longer than
one Determination Period, the sum of:
Zinszahlungen für Variable Zinszeiträume
"Determination Period" means each period from
and including 27 July in any year to but
excluding the next 27 July .
(2)
Interest Payments for Floating Interest Periods
Vorbehaltlich einer vorzeitigen Rückzahlung
gemäß diesen Anleihebedingungen und der
weiteren Bestimmungen dieses § 4 werden
Zinsen auf die Schuldverschreibungen vom
Ersten
Emittenten
Kündigungstag
(einschließlich) bis zum Endfälligkeitstag
(ausschließlich) wie folgt gezahlt:
Unless previously redeemed in accordance with
these Terms and Conditions and subject to the
further provisions of this § 4, interest on the
Notes shall be paid from and including the First
Issuer Call Date to, but excluding, the Final
Maturity Date as follows:
(a)
Die Schuldverschreibungen werden in
Höhe des von der Berechnungsstelle
gemäß § 4(2)(d) festgesetzten Zinssatzes
verzinst. Diese Zinsen sind jeweils
vierteljährlich nachträglich an jedem
Variablen Zinszahlungstag zur Zahlung
geplant, und werden gemäß den in § 4(3),
§ 4(4)
und
§ 4(5)
festgelegten
Bedingungen fällig.
(a)
The Notes shall bear interest at a rate
determined by the Calculation Agent
pursuant to § 4(2)(d) below. Such interest
shall be scheduled to be paid quarterly in
arrear on each Floating Interest Payment
Date, and will be due and payable (fällig)
in accordance with the conditions set forth
in § 4(3), § 4(4) and § 4(5).
(b)
Falls ein Variabler Zinszahlungstag auf
einen Kalendertag fallen würde, der kein
Geschäftstag ist, ist der Variable
Zinszahlungstag
der
nächstfolgende
Geschäftstag, es sei denn, er würde
dadurch in den nächsten Kalendermonat
fallen; in diesem Fall fällt der betreffende
Variable Zinszahlungstag auf den
unmittelbar vorausgehenden Geschäftstag.
Die Variablen Zinszeiträume werden
(b)
If any Floating Interest Payment Date
would otherwise fall on a calendar day
which is not a Business Day, the Floating
Interest Payment Date shall be the next
calendar day which is a Business Day
unless it would thereby fall into the next
calendar month, in which case the relevant
Floating Interest Payment Date shall be
the immediately preceding Business Day.
The Floating Interest Periods will be
- 63 -
entsprechend angepasst.
(c)
adjusted accordingly.
Der Zinssatz (der "Zinssatz") für jeden
Variablen Zinszeitraum ist, sofern
nachstehend
nichts
Abweichendes
bestimmt
ist,
der
Angebotssatz
(ausgedrückt als Prozentsatz pro Jahr) für
Dreimonats-Angebotssätze in Euro für den
jeweiligen Variablen Zinszeitraum, der am
Zinsfestlegungstag
um
11:00
Uhr
(Brüsseler
Ortszeit)
auf
der
Bildschirmseite angezeigt wird, zuzüglich
der Marge, wobei alle Festlegungen durch
die Berechnungsstelle erfolgen.
(c)
The rate of interest (the "Rate of
Interest") for each Floating Interest
Period shall, except as provided below, be
the offered quotation (expressed as a
percentage rate per annum) for threemonth deposits in Euro for that Floating
Interest Period which appears on the
Screen Page as of 11:00 a.m. (Brussels
time) on the Interest Determination Date
plus the Margin, all as determined by the
Calculation Agent.
Sollte die Bildschirmseite nicht zur
Verfügung stehen oder wird dort kein
Angebotssatz
angezeigt,
wird
die
Berechnungsstelle von vier von ihr
ausgewählten
Referenzbanken
deren
jeweiliger Angebotssatz für DreimonatsAngebotssätze
in Euro
für
den
betreffenden Variablen Zinszeitraum
(jeweils als Prozentsatz pro Jahr
ausgedrückt) anfordern. Maßgeblich sind
die Angebotssätze zu einer repräsentativen
Menge
(auf
einer
Actual/360
Zinstagebasis) von Banken mit bestem
Ansehen am Interbankenmarkt der EuroZone gegen 11:00 Uhr (Brüsseler Ortszeit)
am
betreffenden
Zinsfestlegungstag.
Sofern zwei oder mehr der ausgewählten
Referenzbanken der Berechnungsstelle
solche Angebotssätze nennen, ist der
Zinssatz für den betreffenden Variablen
Zinszeitraum das arithmetische Mittel der
jeweiligen
Angebotssätze
(falls
erforderlich, auf oder abgerundet auf das
nächste ein tausendstel Prozent, wobei
0,0005 aufgerundet wird), zuzüglich der
Marge, wobei alle Feststellungen durch
die Berechnungsstelle erfolgen.
If the Screen Page is not available or if no
such quotation is available, the
Calculation Agent shall request four
Reference Banks selected by it to provide
the Calculation Agent with their offered
quotation (expressed as a percentage rate
per annum) for three-month deposits in
Euro for the relevant Floating Interest
Period and in a representative amount (on
an Actual/360 day count basis) to prime
banks in the interbank market of the EuroZone at approximately 11.00 a.m.
(Brussels time) on the relevant Interest
Determination Date. As long as two or
more of the selected Reference Banks
provide the Calculation Agent with such
offered quotations, the Rate of Interest for
such Floating Interest Period shall be the
arithmetic mean of such offered
quotations (rounded if necessary to the
nearest one thousandth of a percentage
point, with 0.0005 being rounded
upwards) plus the Margin, all as
determined by the Calculation Agent.
Für den Fall, dass der Zinssatz nicht
gemäß den vorstehenden Bestimmungen
ermittelt werden kann, ist der Zinssatz der
Angebotssatz oder das arithmetische
Mittel der Angebotssätze auf der
Bildschirmseite,
wie
vorstehend
beschrieben, am letzten Kalendertag vor
dem Zinsfestlegungstag, an dem ein
solcher Angebotssatz bzw. solche
Angebotssätze
angezeigt
wurde(n),
zuzüglich der Marge.
If the Rate of Interest cannot be
determined in accordance with the
foregoing provisions, the Rate of Interest
shall be the offered quotation or the
arithmetic mean of the offered quotations
on the Screen Page, as described above,
on the last calendar day preceding the
Interest Determination Date on which
such quotation or, as the case may be,
quotations were displayed, plus the
Margin.
"Bildschirmseite" bezeichnet die Reuters
Seite EURIBOR01 (oder eine andere
Bildschirmseite von Reuters oder einem
anderen Informationsanbieter, die die
Reuters Seite EURIBOR01 zur Anzeige
"Screen Page" means Reuters Page
EURIBOR01 (or such other screen page
of Reuters or such other information
service, which is the successor to Reuters
Page EURIBOR01 for the purpose of
- 64 -
(d)
solcher Sätze ersetzt).
displaying such rates).
Die "Marge" beträgt 5,817 Prozentpunkte
pro Jahr und schließt einen Aufschlag von
100 Basispunkten (1,00 Prozentpunkt) ein.
"Margin" means 5.817 percentage points
per annum which includes a step-up of
100 basis points (1.00 percentage point).
"Referenzbanken"
sind
die
Niederlassungen von nicht weniger als
vier Banken, deren Angebotssätze zur
Ermittlung
des
maßgeblichen
Angebotssatzes benutzt wurden und zwar
zu dem Zeitpunkt, zu dem der
maßgebliche Angebotssatz letztmals auf
der Bildschirmseite angezeigt wurde.
"Reference Banks" means those offices
of not less than four banks whose offered
rates were used to determine such
quotation when such quotation last
appeared on the Screen Page.
"Zinsfestlegungstag" ist der zweite
TARGET Geschäftstag vor Beginn des
jeweiligen Variablen Zinszeitraums.
"Interest Determination Date" means the
second TARGET Business Day prior to
the commencement of the relevant
Floating Interest Period.
Die Berechnungsstelle wird zu oder
baldmöglichst
nach
jedem
Zinsfestlegungstag den Zinssatz für jede
Schuldverschreibung bestimmen und die
auf jede Schuldverschreibung zahlbaren
Zinsen für den entsprechenden Variablen
Zinszeitraum (der "Variable Zinsbetrag")
berechnen. Der jeweilige Variable
Zinsbetrag
ergibt
sich
aus
der
Multiplikation des relevanten Zinssatzes
mit dem Zinstagequotienten und dem
Nennbetrag je Schuldverschreibung. Der
daraus resultierende Betrag wird auf den
nächsten Cent auf oder abgerundet, wobei
0,5 oder mehr eines Cents aufgerundet
werden.
(d)
"Zinstagequotient"
bezeichnet
im
Hinblick auf die Berechnung des
Variablen
Zinsbetrages
für
einen
Variablen Zinszeitraum oder einen Teil
davon (der "Berechnungszeitraum") die
tatsächliche Anzahl von Kalendertagen im
Berechnungszeitraum geteilt durch 360.
The Calculation Agent shall, on or as soon
as practicable after each Interest
Determination Date, determine the Rate of
Interest for each Note and calculate the
amount of interest payable per Note for
the relevant Floating Interest Period (the
"Floating Interest Amount"). Each
Floating Interest Amount shall be
calculated by multiplying the relevant
Rate of Interest with the Day Count
Fraction and the Principal Amount per
Note and rounding the resulting figure to
the nearest cent with 0.5 or more of a cent
being rounded upwards.
"Day Count Fraction" means, in respect
of the calculation of the Floating Interest
Amount for any Floating Interest Period or
part thereof (the "Calculation Period"),
the actual number of calendar days in the
Calculation Period divided by 360.
(e)
Die Berechnungsstelle wird veranlassen,
dass der Zinssatz und der Variable
Zinsbetrag für den jeweiligen Variablen
Zinszeitraum, jeder Variable Zinszeitraum
und
der
betreffende
Variable
Zinszahlungstag der Emittentin und jeder
Börse, an der die Schuldverschreibungen
zu diesem Zeitpunkt notiert sind und deren
Regeln eine Mitteilung an die Börse
verlangen, sowie den Anleihegläubigern
gemäß § 11 unverzüglich, aber keinesfalls
später als am vierten auf deren
Feststellung
folgenden
Geschäftstag
mitgeteilt werden.
(e)
The Calculation Agent will cause the Rate
of Interest and Floating Interest Amount
for each Floating Interest Period, each
Floating Interest Period and the relevant
Floating Interest Payment Date to be
notified to the Issuer and, if required by
the rules of any stock exchange on which
the Notes are listed from time to time, to
such exchange, and to the Noteholders in
accordance with § 11 without undue
delay, but, in any case, not later than on
the fourth Business Day after their
determination.
(f)
Sämtliche Bescheinigungen, Mitteilungen,
(f)
All
- 65 -
certificates,
communications,
Gutachten, Festsetzungen, Berechnungen,
Angebote und Entscheidungen, die von
der Berechnungsstelle für die Zwecke
dieser Anleihebedingungen gemacht,
abgegeben, getroffen oder eingeholt
werden, sind (sofern nicht vorsätzliches
Fehlverhalten oder ein offensichtlicher
Irrtum vorliegt) für die Emittentin, die
Anleihegläubiger und die Zahlstellen
bindend.
(3)
Obligatorische Zinszahlungen
opinions, determinations, calculations,
quotations and decisions given, expressed,
made or obtained for the purposes of the
provisions of these Terms and Conditions
by the Calculation Agent shall (in the
absence of willful default or manifest
error) be binding upon the Issuer, the
Noteholders and the Paying Agents.
(3)
Compulsory Interest Payments
Zinsen, die während eines Zeitraumes auflaufen,
der an einem Obligatorischen Zinszahlungstag
(ausschließlich) endet, sind an diesem
Obligatorischen Zinszahlungstag fällig und
zahlbar.
Interest which accrues during a period ending on
(but excluding) a Compulsory Interest Payment
Date shall be due and payable on such
Compulsory Interest Payment Date.
"Obligatorischer Zinszahlungstag" bezeichnet
jeden Zinszahlungstag, in Bezug auf den während
der letzten zwölf Monate vor dem betreffenden
Zinszahlungstag
ein
Obligatorisches
Zinszahlungsereignis eingetreten ist, und in
Bezug
auf
den
kein
Obligatorisches
Aussetzungsereignis
eingetreten
ist
und
fortdauert.
"Compulsory Interest Payment Date" means
any Interest Payment Date in respect of which a
Compulsory Interest Payment Event occurred
during twelve months before the relevant Interest
Payment Date, and in respect of which no
Mandatory Suspension Event has occurred and is
continuing.
Ein "Insolvenzereignis" ist in Bezug auf eine
Zahlung von Zinsen, Zinsrückständen (wie in
§ 4(5)(a) definiert) oder Kapital auf die
Schuldverschreibungen oder einen Rückkauf der
Schuldverschreibungen eingetreten, wenn die
Emittentin dadurch nach Maßgabe des
Anzuwendenden
Insolvenzrechts
insolvent
würde.
An "Insolvency Event" shall occur in respect of
a payment of interest, Arrears of Interest (as
defined in §4 (5)(a) or principal on the Notes or a
repurchase of the Notes, if the Issuer would
become insolvent in accordance with the
Applicable Insolvency Law as a result thereof.
Ein "Obligatorisches Aussetzungsereignis" ist
in Bezug auf einen Tag, an dem Zahlungen von
Zinsen und/oder Zinsrückständen gemäß diesen
Anleihebedingungen
vorgesehen
sind,
eingetreten, wenn
A "Mandatory Suspension Event" shall occur
with respect to the date on which any payment of
interest and/or Arrears of Interest is scheduled to
be paid under these Terms and Conditions, if:
(a)
die entsprechende Zahlung zu einem
Insolvenzereignis führen oder dessen
Eintritt beschleunigen würde; oder
(a)
such payment would result in, or
accelerate, the occurrence of an
Insolvency Event; or
(b)
an einem solchen Tag eine Entscheidung
der Aufsichtsbehörde in Kraft ist, die der
Emittentin im Zusammenhang mit zu
diesem
Zeitpunkt
anzuwendenden
Bestimmungen
die
Leistung
von
Zahlungen auf die Schuldverschreibungen
untersagt; oder
(b)
there is in effect on such date an order of
the Supervisory Authority prohibiting in
accordance with regulations applicable at
such time the Issuer from making
payments under the Notes; or
(c)
an oder vor diesem Tag ein SolvenzKapitalereignis eingetreten ist und an
diesem Tag fortdauert oder durch die
Zahlung
von
Zinsen
und/oder
Zinsrückständen durch die Emittentin an
diesem Tag eintreten würde, es sei denn,
(c)
a Solvency Capital Event either has
occurred on or prior to such date and is
continuing on such date or would be
caused by such payment by the Issuer of
interest and/or Arrears of Interest on the
relevant date, unless:
- 66 -
dass
(4)
(i)
an oder vor diesem Tag die
Aufsichtsbehörde ihre vorherige
Genehmigung zur Zahlung der
betreffenden
Zinsen
und/oder
Zinsrückstände trotz des SolvenzKapitalereignisses ausnahmsweise
erteilt und bis zu diesem Tag nicht
widerrufen hat; und
(i)
on or prior to such date the
Supervisory
Authority
has
exceptionally given, and not
withdrawn by such date, its prior
approval to the payment of the
relevant interest and/or Arrears of
Interest despite the Solvency
Capital Event; and
(ii)
die Zahlung der betreffenden
Zinsen und/oder Zinsrückstände
die Solvabilität der Emittentin
und/oder der UNIQA Gruppe nicht
weiter schwächt; und
(ii)
the payment of the relevant interest
and/or Arrears of Interest on the
Notes does not further weaken the
solvency position of the Issuer
and/or UNIQA Group; and
(iii)
die
Mindestkapitalanforderung
(MCR) (wie auch immer im
Anzuwendenden
Aufsichtsrecht
bezeichnet)
gemäß
dem
Anzuwendenden
Aufsichtsrecht
nach der Zahlung der betreffenden
Zinsen und/oder Zinsrückstände
eingehalten wird.
(iii)
the minimum capital requirement
(MCR) (howsoever described in
the Applicable Supervisory Law)
pursuant
to
the
Applicable
Supervisory Law is complied with
after the payment of the relevant
interest and/or Arrears of Interest is
made.
"Obligatorisches
Zinszahlungsereignis"
bezeichnet jedes der folgenden Ereignisse:
"Compulsory Interest Payment Event" means
any of the following events:
(a)
in
der
letzten
ordentlichen
Hauptversammlung der Emittentin wurde
eine Dividende, sonstige Ausschüttung
oder Zahlung auf eine beliebige Gattung
von Aktien der Emittentin wirksam
beschlossen; oder
(a)
the most recent ordinary general meeting
of
shareholders
(ordentliche
Hauptversammlung) of the Issuer has
validly resolved on any dividend, other
distribution or payment in respect of any
shares of any class of the Issuer; or
(b)
seit
der
letzten
ordentlichen
Hauptversammlung der Emittentin hat die
Emittentin eine Abschlagszahlung auf den
Bilanzgewinn geleistet; oder
(b)
any payment on account of the balance
sheet profit has been made by the Issuer
since the most recent ordinary general
meeting of shareholders of the Issuer; or
(c)
die Emittentin hat seit der letzten
ordentlichen
Hauptversammlung
der
Emittentin, direkt oder indirekt über eine
ihrer Tochtergesellschaften, Aktien einer
beliebigen Gattung gegen Barzahlung
zurückgekauft (mit Ausnahme von
Rückkäufen, die in Verbindung mit
Aktienoptionen
oder
Aktienbeteiligungsprogrammen für das
Management oder für Angestellte der
Emittentin oder verbundene Unternehmen
der
Emittentin
im
Rahmen der
gewöhnlichen Geschäftstätigkeit gemacht
wurden).
(c)
the Issuer, directly or indirectly through
any of its subsidiaries, has repurchased for
cash shares of any class (with the
exception of repurchases in connection
with stock option or stock ownership
programmes
for
management
or
employees of the Issuer or affiliates of the
Issuer made in the ordinary course of
business) since the most recent ordinary
general meeting of shareholders of the
Issuer.
Wahlweise Aussetzung von Zinszahlungen
(4)
Zinsen, die während eines Zeitraumes auflaufen,
der an einem Wahlweisen Zinszahlungstag
(ausschließlich) endet, werden an diesem
Wahlweisen Zinszahlungstag fällig und zahlbar,
- 67 -
Optional deferral of interest payments
Interest which accrues during an interest period
ending on but excluding an Optional Interest
Payment Date will be due and payable on that
Optional Interest Payment Date, unless the Issuer
(5)
es sei denn, die Emittentin entscheidet sich durch
eine Mitteilung an die Anleihegläubiger gemäß
§ 11 innerhalb einer Frist von nicht weniger als
10 und nicht mehr als 15 Geschäftstagen vor dem
betreffenden
Zinszahlungstag
dazu,
die
betreffende Zinszahlung auszusetzen.
elects, by giving not less than 10 and not more
than 15 Business Days' notice to the Noteholders
prior to the relevant Interest Payment Date in
accordance with § 11, to defer the relevant
payment of interest.
Wenn sich die Emittentin an einem Wahlweisen
Zinszahlungstag
zur
vollständigen
oder
teilweisen Aussetzung aufgelaufener Zinsen
entschieden hat, ist sie nicht verpflichtet, an dem
betreffenden
Wahlweisen
Zinszahlungstag
aufgelaufene Zinsen zu zahlen bzw ist sie nur
verpflichtet, den Teil der aufgelaufenen Zinsen
zu leisten, für dessen Aussetzung sie sich nicht
entschieden hat. Eine solche Nichtzahlung
begründet keinen Verzug der Emittentin und
keine
anderweitige
Verletzung
ihrer
Verbindlichkeiten
aus
diesen
Schuldverschreibungen oder aus sonstigen
Gründen.
If the Issuer elects to defer, in whole or in part,
accrued interest on an Optional Interest Payment
Date, then it will not have any obligation to pay
accrued interest on such Optional Interest
Payment Date or will only be obliged to pay such
part of the accrued interest it elects not to defer,
respectively. Any such non-payment will not
constitute a default of the Issuer or any other
breach of its obligations under the Notes or for
any other purpose.
"Wahlweiser Zinszahlungstag" bezeichnet
jeden Zinszahlungstag, der kein Obligatorischer
Zinszahlungstag ist, und in Bezug auf den kein
Obligatorisches Aussetzungsereignis eingetreten
ist und fortdauert.
"Optional Interest Payment Date" means each
Interest Payment Date which is not a Compulsory
Interest Payment Date, and in respect of which no
Mandatory Suspension Event has occurred and is
continuing.
Zwingende Aussetzung von Zinszahlungen
(a)
(b)
(5)
Falls in Bezug auf einen Zinszahlungstag
ein Obligatorisches Aussetzungsereignis
eingetreten ist, werden Zinsen, die
während eines Zeitraumes aufgelaufen
sind,
der
an
dem
betreffenden
Zinszahlungstag (ausschließlich) endet, an
diesem Zinszahlungstag nicht fällig. Die
Emittentin wird die Anleihegläubiger
gemäß § 11 über den Eintritt eines
Obligatorischen Aussetzungsereignisses
baldmöglichst nach seiner Feststellung
informieren. Eine Nichtzahlung aus
diesem Grunde begründet keinen Verzug
der Emittentin oder keine anderweitige
Verletzung ihrer Verbindlichkeiten aus
diesen Schuldverschreibungen oder für
sonstige Zwecke.
Mandatory deferral of interest payments
(a)
If a Mandatory Suspension Event has
occurred with respect to any Interest
Payment Date, interest which accrued
during the period ending on but excluding
such Interest Payment Date will not be
due and payable on that Interest Payment
Date. The Issuer will give notice to the
Noteholders of the occurrence of the
Mandatory
Suspension
Event
in
accordance with § 11 as soon as possible
after its determination. Any such nonpayment will not constitute a default of
the Issuer or any other breach of its
obligations under the Notes or for any
other purpose.
Nach Maßgabe der § 4(4) und § 4(5) nicht
fällig gewordene aufgelaufene Zinsen für
eine Zinsperiode sind Zinsrückstände (die
"Zinsrückstände").
Accrued interest in respect of an interest
period not due and payable in accordance
with § 4(4) and § 4(5) will constitute
arrears of interest ("Arrears of Interest").
Anleihegläubiger erhalten keine Zinsen
oder sonstige Entschädigung im Falle
einer
optionalen
Stundung
der
Zinszahlung.
Insbesondere
werden
Zinsrückstände nicht verzinst.
Noteholders will not receive any interest
or other compensation in case of an
optional deferral of interest payments. In
particular, Arrears of Interest will not bear
interest.
Ein
"Solvenzkapitalereignis"
ist
eingetreten, falls die Eigenmittel (wie
- 68 -
(b)
A "Solvency Capital Event" shall occur
if the own funds (howsoever described in
auch
immer
im
Anzuwendenden
Aufsichtsrecht bezeichnet) der Emittentin
und/oder der UNIQA Gruppe nicht
ausreichen,
um
die
Solvenzkapitalanforderung (SCR) der
Emittentin und/oder der UNIQA Gruppe,
Mindestkapitalanforderung (MCR) der
Emittentin oder jede andere anwendbare
Kapitalanforderung (wie auch immer im
Anzuwendenden
Aufsichtsrecht
bezeichnet) gemäß dem Anzuwendenden
Aufsichtsrecht zu decken, was auch immer
früher eintritt.
(6)
(7)
Wahlweise Zahlung von Zinsrückständen
the Applicable Supervisory Law) of the
Issuer and/or UNIQA Group are not
sufficient to cover the applicable solvency
capital requirement (SCR) of the Issuer
and/or UNIQA Group or the applicable
minimum capital requirement (MCR) of
the Issuer or any other applicable capital
requirements (in each case, howsoever
described in the Applicable Supervisory
Law), whichever occurs earlier, pursuant
to the Applicable Supervisory Law.
(6)
Optional Payment of Arrears of Interest
(a)
Die Emittentin ist berechtigt, ausstehende
Zinsrückstände (ganz oder teilweise)
jederzeit
zu
zahlen,
wenn
kein
Obligatorisches
Aussetzungsereignis
eingetreten ist und fortdauert.
(a)
The Issuer will be entitled to pay
outstanding Arrears of Interest (in whole
or in part) at any time if no Mandatory
Suspension Event has occurred and is
continuing.
(b)
Wenn sich die Emittentin für die Zahlung
von ausstehenden Zinszahlungen (ganz
oder teilweise) entschieden hat, wird sie
dies gemäß § 11 den Anleihegläubigern
unter Einhaltung einer Frist von nicht
weniger als 10 und nicht mehr als 15
Geschäftstagen bekanntgeben.
Diese
Mitteilung gibt (i) den Betrag der zu
zahlenden Zinsrückstände und (ii) den für
diese Zahlung festgelegten Tag an (der
"Wahlweise Abwicklungstag").
(b)
If the Issuer elects to pay outstanding
Arrears of Interest (in whole or in part), it
will give not less than 10 and not more
than 15 Business Days' notice to the
Noteholders in accordance with § 11
which notice will specify (i) the amount of
Arrears of Interest to be paid and (ii) the
date fixed for such payment (the
"Optional Settlement Date").
(c)
Bei Bekanntgabe dieser Mitteilung wird
der darin angegebene Betrag der
Zinsrückstände fällig und die Emittentin
ist verpflichtet, diesen Betrag der
Zinsrückstände
am
angegebenen
Wahlweisen Abwicklungstag zu zahlen.
Allerdings entfällt diese Verpflichtung,
wenn an diesem Tag ein Obligatorisches
Aussetzungsereignis eingetreten ist und
fortdauert.
(c)
Upon such notice being given, the amount
of Arrears of Interest specified therein will
become due and payable (fällig), and the
Issuer will be obliged to pay such amount
of Arrears of Interest on the specified
Optional Settlement Date. However, this
obligation will cease to exist if on such
date a Mandatory Suspension Event has
occurred and is continuing.
Pflicht zur Nachzahlung von Zinsrückständen.
(7)
Compulsory payment of Arrears of Interest.
Zinsrückstände werden (vollständig, jedoch nicht
teilweise) an dem zuerst eintretenden der
nachfolgend bestimmten Kalendertage fällig und
zahlbar, nur in den Fällen der nachstehenden
Absätze (a) und (c) sofern (A) kein
Obligatorisches Aussetzungsereignis eingetreten
ist oder andauert und (B) die Aufsichtsbehörde
am oder vor dem so bestimmten Kalendertag der
Zahlung der Zinsrückstände zugestimmt hat
(sofern eine solche Zustimmung nach den
Anzuwendenden Aufsichtsrecht dann erforderlich
ist):
Arrears of Interest shall become due and payable
(in whole but not in part) on the first to occur of
the following dates, provided that in the case set
out in paragraphs (a) and (c) below (A) no
Mandatory Suspension Event has occurred or is
continuing and (B) the Supervisory Authority has
given its prior consent (if such consent is required
at the time under the Applicable Supervisory
Law) on or prior to the date so determined to the
payment of the Arrears of Interest:
(a)
(a)
an
dem
Tag,
an
dem
die
Schuldverschreibungen gemäß diesen
Anleihebedingungen zur Rückzahlung
- 69 -
the date on which the Notes fall due for
redemption in accordance with these
Terms and Conditions;
fällig werden;
(b)
an dem Kalendertag, an dem ein
Beschluss zur Auflösung, Abwicklung
oder Liquidation der Emittentin ergeht
(aber nur, wenn dies nicht für die Zwecke
oder als Folge eines Zusammenschlusses,
einer Umstrukturierung oder Sanierung
geschieht und die Emittentin noch
zahlungsfähig ist und die übernehmende
Gesellschaft im Wesentlichen alle
Vermögenswerte und Verbindlichkeiten
der Emittentin übernimmt), oder
(b)
the calendar day on which an order is
made for the winding-up, dissolution or
liquidation of the Issuer (other than for the
purposes of or pursuant to an
amalgamation,
reorganisation
or
restructuring while solvent, where the
continuing entity assumes substantially all
of the assets and obligations of the Issuer);
or
(c)
am
nächsten
Zinszahlungstag.
(c)
the next Compulsory Interest Payment
Date.
Obligatorischen
§5
RÜCKZAHLUNG UND RÜCKKAUF
(1)
(2)
§5
REDEMPTION AND REPURCHASE
Rückzahlung bei Endfälligkeit
(1)
Redemption at Maturity
Sofern nicht bereits zuvor zurückgezahlt oder
zurückgekauft,
werden
die
Schuldverschreibungen am Endfälligkeitstag zum
Rückzahlungsbetrag zurückgezahlt.
To the extent not previously redeemed or
repurchased, the Notes will be redeemed on the
Final Maturity Date at the Redemption Amount.
"Endfälligkeitstag" ist entweder (i) wenn am
Vorgesehenen
Endfälligkeitstag
die
Rückzahlungsbedingungen (wie nachstehend
definiert) erfüllt sind, der Vorgesehene
Endfälligkeitstag; oder (ii) der erste Variable
Zinszahlungstag, der auf den Vorgesehenen
Endfälligkeitstag folgt, und an dem die
Rückzahlungsbedingungen erfüllt sind.
"Final Maturity Date" means either (i) if on the
Scheduled Maturity Date the Redemption
Conditions (as defined below) are fulfilled, the
Scheduled Maturity Date; or (ii) the first Floating
Interest Payment Date following the Scheduled
Maturity Date, and on which the Redemption
Conditions are fulfilled.
Vorzeitige Rückzahlung bei Eintritt
Vorzeitigen Rückzahlungsereignisses
eines
(2)
Early Redemption upon the occurrence of an
Early Redemption Event
Die Emittentin kann durch eine vorhergehende
Bekanntmachung gemäß § 11 unter Einhaltung
einer Frist von nicht weniger als 30 und nicht
mehr als 60 Kalendertagen vorbehaltlich der
Voraussetzungen und Einschränkungen wie
nachstehend
unter
(a)
dargestellt
und
vorbehaltlich der Rückzahlungsbedingungen
gemäß § 5(6), die am für die Rückzahlung
festgelegten Tag erfüllt sein müssen, die
Schuldverschreibungen jederzeit (ganz aber nicht
teilweise) zu ihrem Rückzahlungsbetrag im Fall
eines
Vorzeitigen
Rückzahlungsereignisses
kündigen.
The Issuer may, upon prior notice given not less
than 30 and not more than 60 calendar days in
accordance with § 11 and subject to the
preconditions and restrictions set out under (a)
below, and subject to the Redemption Conditions
pursuant to § 5(6) being fulfilled on the date
fixed for redemption, redeem the Notes (in
whole, but not in part) at their Redemption
Amount at any time if any Early Redemption
Event occurs.
Ein "Vorzeitiges Rückzahlungsereignis" tritt
ein, wenn ein Aufsichtsrechtliches Ereignis, ein
Gross-up Ereignis, ein Steuerereignis, ein
Rechnungslegungsereignis
oder
ein
Ratingagenturereignis eintritt.
An "Early Redemption Event" occurs, if a
Regulatory Event, a Gross-up Event, a Tax
Event, an Accounting Event or a Rating Agency
Event occurs.
(a)
(a)
Voraussetzungen
Rückzahlung
für
die
Vorzeitige
- 70 -
Preconditions to Early Redemption
(i)
Bescheinigung durch den Vorstand
(i)
Die Emittentin hat vor der
Kündigungsmitteilung
der
Hauptzahlstelle eine von zwei
ordnungsgemäß bevollmächtigten
Vertretern
der
Emittentin
unterzeichnete Bescheinigung, die
bestätigt, dass die Emittentin
berechtigt ist, die maßgebliche
Rückzahlung vorzunehmen, und
aus der die Tatsachen hervorgehen,
auf
deren
Grundlage
die
Voraussetzungen
für
das
Rückzahlungsrecht der Emittentin
eingetreten sind, zu übermitteln
oder zu veranlassen, dass der
Hauptzahlstelle
eine
solche
Bescheinigung übermittelt wird;
und
(ii)
Gutachten
Certification by Directors
Prior to the giving of any such
notice of redemption, the Issuer
shall deliver or procure that
there is delivered to the
Principal Paying Agent a
certificate signed by any two
duly authorised representatives
on behalf of the Issuer stating
that the Issuer is entitled to
effect such redemption and
setting out a statement of facts
showing that the conditions
precedent to the exercise of the
right of the Issuer to redeem
have been satisfied.
(ii)
Opinions
Die Emittentin muss vor der
Abgabe
einer
solchen
Kündigungsmitteilung
der
Hauptzahlstelle die folgenden
Dokumente übermitteln oder hat
dafür zu sorgen, dass der
Hauptzahlstelle diese Dokumente
übermittelt werden:
Prior to the giving of any such
notice of redemption, the Issuer
shall deliver or procure that
there is delivered to the
Principal Paying Agent:
(A)
Im Fall eines Gross-up
Ereignisses ein Gutachten
eines
angesehenen
unabhängigen
Steuerberaters, aus dem
hervorgeht,
dass
die
Emittentin verpflichtet ist
oder verpflichtet sein wird,
die
betreffenden
Zusätzlichen Beträge (wie
in § 7 definiert) als Folge
eines Gross-up Ereignisses
zu zahlen.
(A)
In the case of a Gross-up
Event an opinion of an
independent tax adviser
of recognized standing
to the effect that the
Issuer has or will
become obliged to pay
the Additional Amounts
(as defined in § 7) in
question as a result of a
Gross-up Event.
(B)
Im
Fall
eines
Steuerereignisses
ein
Gutachten
eines
angesehenen unabhängigen
Steuerberaters, aus dem
hervorgeht,
dass
Zinszahlungen
der
Emittentin
auf
die
nicht mehr für Zwecke der
österreichischen
Körperschaftssteuer
voll
abzugsfähig sind, bzw.
innerhalb
von
90
Kalendertagen nach dem
(B)
In the case of a Tax
Event an opinion of an
independent tax adviser
of recognized standing
to the effect that interest
payments by the Issuer
on the Notes are no
longer, or within 90
calendar day of the date
of such opinion will no
longer
be,
fully
deductible by the Issuer
for Austrian corporate
income tax purposes,
- 71 -
Datum dieses Gutachtens
nicht mehr voll abzugsfähig
sein werden.
(C)
respectively.
Im
Fall
eines
Rechnungslegungsereignisses ein Gutachten
einer
angesehenen
unabhängigen
Wirtschaftsprüfungsgesellsc
haft, aus dem hervorgeht,
dass die Verbindlichkeiten
im Zusammenhang mit den
nicht bzw. nicht mehr als
Verbindlichkeiten
im
Konzernabschluss
der
Emittentin
ausgewiesen
werden können.
(C)
In the case of an
Accounting Event an
opinion
of
an
independent accounting
firm of recognised
standing to the effect
that the obligations
under the Notes must
not or must no longer
be
recorded
as
liabilities on the Issuer's
consolidated financial
statements.
(b)
Ein "Gross-up Ereignis" liegt vor, wenn
die Emittentin verpflichtet ist oder
verpflichtet sein wird, Zusätzliche Beträge
(wie in § 7 definiert) als Folge einer
Änderung oder Ergänzung von Gesetzen
(oder
von
Bestimmungen
und
Vorschriften auf Grundlage dieser
Gesetze)
Österreichs
oder
einer
Gebietskörperschaft
oder
Behörde
Österreichs, oder als Folge einer
Änderung oder Ergänzung der offiziellen
Auslegung oder Anwendung dieser
Gesetze, Bestimmungen oder Vorschriften
zu zahlen, allerdings nur soweit die
betreffende Änderung oder Ergänzung an
oder nach dem Ausgabetag wirksam wird
und die Zahlungsverpflichtung von der
Emittentin nicht durch das Ergreifen
zumutbarer
Maßnahmen
vermieden
werden kann.
(b)
A "Gross-up Event" shall occur, if the
Issuer has or will become obliged to pay
Additional Amounts (as defined in § 7) as
a result of any change in, or amendment
to, the laws (or any rules or regulations
thereunder) of the Republic of Austria or
any political subdivision or any authority
of the Republic of Austria, or any change
in or amendment to any official
interpretation or application of those laws
or rules or regulations, provided that the
relevant amendment or change becomes
effective on or after the Issue Date and
provided further that the payment
obligation cannot be avoided by the Issuer
taking reasonable measures available to it.
(c)
Im Fall eines Gross-up Ereignisses darf
eine solche Kündigungsmitteilung nicht
früher als 90 Kalendertage vor dem ersten
Kalendertag erfolgen, an dem die
Emittentin erstmals verpflichtet wäre, die
jeweiligen Zusätzlichen Beträge zu zahlen
(wie in § 7 definiert), die in Bezug auf die
Schuldverschreibungen fällig sind.
(c)
In case of a Gross-up Event, no notice of
redemption may be given earlier than 90
calendar days prior to the earliest calendar
day on which the Issuer would be for the
first time obliged to pay the Additional
Amounts (as defined in § 7) on payments
due in respect of the Notes.
(d)
Ein "Steuerereignis" tritt ein, wenn:
(d)
A "Tax Event" shall occur, if:
(i)
am oder nach dem Ausgabetag als
Folge:
(x)
einer
Änderung
oder
Ergänzung der Gesetze
(oder von aufgrund dieser
Gesetze
erlassenen
Bestimmungen
oder
- 72 -
(i)
on or after the Issue Date, as a
result of:
(x)
any amendment to, or
change in, the laws (or any
rules
or
regulations
thereunder) of the Republic
of Austria or any political
Vorschriften)
Österreichs
oder
einer
ihrer
Gebietskörperschaften oder
Steuerbehörden, die an oder
nach
dem
Ausgabetag
erlassen, verkündet oder
anderweitig wirksam wird,
oder
subdivision or any taxing
authority thereof or therein
which
is
enacted,
promulgated, issued or
becomes
effective
otherwise on or after the
Issue Date; or
(y)
einer
Änderung
oder
Ergänzung der bindenden
offiziellen
Auslegung
solcher
Gesetze,
Bestimmungen
oder
Vorschriften durch eine
gesetzgebende
Körperschaft, ein Gericht,
eine Regierungsstelle oder
eine
Aufsichtsbehörde
(einschließlich des Erlasses
von Gesetzen sowie der
Bekanntmachung
gerichtlicher
oder
aufsichtsrechtlicher
Entscheidungen), die an
oder nach dem Ausgabetag
erlassen, verkündet oder
anderweitig wirksam wird,
oder
(y)
any amendment to, or
change in, an official and
binding interpretation of
any such laws, rules or
regulations
by
any
legislative body, court,
governmental agency or
regulatory
authority
(including the enactment of
any legislation and the
publication of any judicial
decision
or
regulatory
determination) which is
enacted,
promulgated,
issued or becomes effective
otherwise on or after the
Issue Date; or
(z)
einer
allgemein
anwendbaren
offiziellen
Auslegung
oder
Verkündung, die an oder
nach
dem
Ausgabetag
erlassen oder verkündet
wird und nach der die
Rechtslage im Hinblick auf
diese
Gesetze
oder
Vorschriften
von
der
früheren
allgemein
anerkannten
Rechtslage
abweicht,
(z)
any generally applicable
official interpretation or
pronouncement
that
provides for a position with
respect to such laws or
regulations that differs from
the previous generally
accepted position which is
issued or announced on or
after the Issue Date,
Zinszahlungen der Emittentin auf
die Schuldverschreibungen nicht
mehr für die Zwecke der
österreichischen
Körperschaftsteuer
voll
abzugsfähig sind, bzw. innerhalb
von 90 Kalendertagen nach dem
Datum des in § 5(2)(a)(ii)(B)
genannten Gutachtens nicht mehr
voll abzugsfähig sein werden, und
(ii)
(e)
interest payments by the Issuer on
the Notes are no longer, or within
90 calendar days of the date of the
opinion
referred
to
in
§ 5(2)(a)(ii)(B) will no longer be,
fully deductible by the Issuer for
Austrian corporate income tax
purposes, respectively; and
die Emittentin dieses Risiko nicht
durch das Ergreifen zumutbarer
Maßnahmen vermeiden kann.
Ein "Rechnungslegungsereignis" liegt
- 73 -
(ii)
(e)
such risk cannot be avoided by the
Issuer taking reasonable measures
available to it.
An "Accounting Event" shall occur, if:
vor, wenn:
(i)
als Folge einer Änderung oder
Ergänzung der Anzuwendenden
Rechnungslegungsvorschriften, die
am oder nach dem Ausgabetag
(oder ihrer Auslegung) wirksam
wird (einschließlich für den Fall,
dass eine solche Änderung oder
Ergänzung der Anzuwendenden
Rechnungslegungsvorschriften
oder ihrer Auslegung rückwirkend
erfolgt), die Verbindlichkeiten aus
den Schuldverschreibungen für
Zahlungen des Kapitals nicht bzw.
nicht mehr als Verbindlichkeiten
im
Konzernabschluss
der
Emittentin,
der
gemäß
den
Anzuwendenden
Rechnungslegungsvorschriften
erstellt wurde, ausgewiesen werden
können; und
(i)
as a result of any change in or
amendment
on
Applicable
Accounting Standards, which
change becomes effective on or
after the Issue Date (or their
interpretation) (including in case
any such change or amendment to
the
Applicable
Accounting
Standards or their interpretation
has retroactive effect),
the
obligations in respect of the Notes
for the payment of principal must
not or must no longer be recorded
as liabilities on the Issuer's
consolidated financial statement
prepared in accordance with
Applicable Accounting Standards;
and
(ii)
die Emittentin dies nicht durch das
Ergreifen zumutbarer Maßnahmen
vermeiden kann.
(ii)
this cannot be avoided by the
Issuer taking reasonable measures
available to it.
(f)
Ein "Ratingagenturereignis" tritt ein,
wenn aus einer Änderung der Kriterien für
Eigenkapitalanrechnung
einer
Ratingagentur (oder der Auslegung oder
Anwendung dieser Kriterien), die am oder
nach dem Ausgabetag wirksam wird,
folgt, dass die Eigenkapitalanrechnung,
die den Schuldverschreibungen von der
jeweiligen Ratingagentur zugewiesen
wurde und der Emittentin mitgeteilt oder
von
der
jeweiligen
Ratingagentur
veröffentlicht wurde, geringer ist als die
Eigenkapitalanrechnung,
die
den
Schuldverschreibungen am Ausgabetag
vor Änderung der Kriterien durch die
jeweilige
Ratingagentur
zugewiesen
wurde (außer sofern eine solche
Reduzierung der Eigenkapitalanrechnung
eine
Folge
einer
anwendbaren
Beschränkung durch die jeweilige
Ratingagentur ist).
(f)
A "Rating Agency Event" shall occur, if
a change by any Rating Agency to its
respective equity credit criteria, or the
interpretation or application thereof,
becoming effective on or after the Issue
Date as a result of which the capital
treatment assigned by any such rating
agency to the Notes, as notified by such
rating agency to the Issuer or as published
by such rating agency, results in a lower
equity credit being given to the Notes as
of the date of such changes than the
equity credit that was assigned to the
Notes at or around the Issue Date prior to
such changes by such rating agency
pursuant to the criteria (save where such
reduction in equity credit is a result of any
applicable limits by the relevant rating
agency).
(g)
Im Fall eines Ratingagenturereignisses ist
die
Emittentin
berechtigt,
die
nur
bei
Bekanntgabe der Kündigung nicht früher
als 90 Kalendertage vor dem ersten
Kalendertag, an dem die Emittentin der
Reduzierung der Eigenkapitalanrechnung
unterliegen würde, zu kündigen.
(g)
In case of a Rating Agency Event, the
Issuer will have a right to redeem the
Notes only by giving notice of
redemption not earlier than 90 calendar
days prior to the earliest calendar day on
which the Issuer would have been subject
to the reduction in equity credit.
(h)
Ein "Aufsichtsrechtliches Ereignis" tritt
ein, wenn es nach dem Anzuwendenden
Aufsichtsrecht erlaubt ist, Tier 2 als
(h)
A "Regulatory Event" shall occur, if it is
permitted
under
the
Applicable
Supervisory Law to use Tier 2 as own
- 74 -
Eigenmittel
für
Zwecke
der
Kapitalanforderung
der
Emittentin
und/oder der UNIQA Gruppe zu
verwenden, und die Aufsichtsbehörde
oder der gesetzliche Abschlussprüfer der
Emittentin schriftlich feststellt oder der
Emittentin anderweitig bestätigt, dass:
funds for capital requirement purposes of
the Issuer and/or UNIQA Group, and the
Supervisory Authority or the Issuer's
statutory auditor states in writing or
otherwise confirms to the Issuer that:
(i)
gemäß
dem
Anzuwendenden
Aufsichtsrecht
die
Schuldverschreibungen (ganz oder
teilweise) nicht als Tier 2 für
Zwecke der Kapitalanforderung der
Emittentin und/oder der UNIQA
Gruppe anrechenbar sind; oder
(i)
under the Applicable Supervisory
Law the Notes (in whole or in part)
would not be eligible as Tier 2 for
capital requirement purposes of the
Issuer and/or UNIQA Group; or
(ii)
gemäß
dem
Anzuwendenden
Aufsichtsrecht und aufgrund einer
Änderung
in
diesem
Anzuwendenden Aufsichtsrecht die
Schuldverschreibungen (ganz oder
teilweise) nicht länger als Tier 2 für
Zwecke der Kapitalanforderung der
Emittentin und/oder der UNIQA
Gruppe
anrechenbar
seien,
vorausgesetzt,
dass
die
diese
Anforderungen erfüllt haben,
(ii)
under the Applicable Supervisory
Law and due to a change in such
Applicable Supervisory Law, the
Notes (in whole or in part) would
no longer be eligible as Tier 2 for
capital requirement purposes of the
Issuer and/or UNIQA Group,
provided that the Notes did fulfil
such requirements,
außer sofern jeweils im Fall (i) und
(ii) dieses
Ergebnis
aus
der
Überschreitung
einer
anwendbaren
Beschränkung für die Anrechenbarkeit der
Schuldverschreibungen als Tier 2 oder als
Eigenmittel
höherer
Qualität
der
Emittentin und/oder der UNIQA Gruppe
gemäß
dem
Anzuwendenden
Aufsichtsrecht folgt.
(3)
Rückzahlungsbetrag
except where in each case (i) and (ii) this
results from exceeding any applicable
limits for including the Notes in Tier 2 or
own funds of higher quality of the Issuer
and/or UNIQA Group pursuant to the
Applicable Supervisory Law.
(3)
Der "Rückzahlungsbetrag" bezeichnet den
Betrag pro Schuldverschreibung, der dem
Nennbetrag zuzüglich bis zum Rückzahlungstag
(ausschließlich) auf diese Schuldverschreibung
aufgelaufener, nicht gezahlter Zinsen und zur
Klarstellung allen auf diese Schuldverschreibung
ausstehenden Zinsrückständen entspricht.
(4)
Vorzeitige
Emittentin
Rückzahlung
nach
Wahl
der
Redemption Amount
"Redemption Amount" means an amount per
Note equal to the Principal Amount plus any
interest accrued on such Note to but excluding
the date of redemption but yet unpaid and, for
the avoidance of doubt, any Arrears of Interest
outstanding on such Note.
(4)
Die Emittentin kann durch eine vorhergehende
Bekanntmachung gemäß § 11 unter Einhaltung
einer Frist von nicht weniger als 30 und nicht
mehr als 60 Kalendertagen vorbehaltlich der
Rückzahlungsbedingungen gemäß § 5(6), die am
festgelegten Rückzahlungstag erfüllt sein
müssen, die Schuldverschreibungen jederzeit
(ganz aber nicht teilweise) zu ihrem
Rückzahlungsbetrag am Ersten Emittenten
- 75 -
Early Redemption at the option of the Issuer
The Issuer may, upon prior notice given not less
than 30 and not more than 60 calendar days in
accordance with § 11 and subject to the
Redemption Conditions pursuant to § 5(6) being
fulfilled on the date fixed for redemption, redeem
the Notes (in whole, but not in part) at their
Redemption Amount on the First Issuer Call Date
and on each following Floating Interest Payment
Kündigungstag und an jedem
Variablen Zinszahlungstag kündigen.
(5)
folgenden
Rückkauf von Schuldverschreibungen
Date.
(5)
Die
Emittentin
oder
eine
ihrer
Tochtergesellschaften können jederzeit und
vorbehaltlich
der
zu
erfüllenden
Rückzahlungsbedingungen
am
Markt
oder
anderweitig zu jedem beliebigen Preis kaufen.
Derartig
erworbene
können entwertet, gehalten oder wieder veräußert
werden.
(6)
Rückzahlungsbedingungen
Repurchase of Notes
The Issuer or any of its subsidiaries may at any
time, and subject to the Redemption Conditions
being fulfilled repurchase Notes in the open
market or otherwise and at any price. Notes
repurchased in such a way may be cancelled, held
or resold.
(6)
Redemption Conditions
Die "Rückzahlungsbedingungen" sind an einem
Tag in Bezug auf eine vorgesehene Rückzahlung
oder
einen
geplanten
Rückkauf
der
Schuldverschreibungen erfüllt, wenn:
The "Redemption Conditions" are fulfilled on
any day with respect to a scheduled redemption
or a planned repurchase of the Notes, if:
(a)
eine Rückzahlung oder ein Rückkauf nicht
zu einem Insolvenzereignis führen oder
dessen Eintritt beschleunigen würde; und
(a)
a redemption payment or a repurchase
would not result in, or accelerate, the
occurrence of an Insolvency Event; and
(b)
kein Solvenz-Kapitalereignis eingetreten
ist und fortdauert oder durch die
Rückzahlung oder den Rückkauf der
Schuldverschreibungen eintreten würde,
sofern nicht
(b)
no Solvency Capital Event has occurred
and is continuing or would be caused by
the redemption or the repurchase of the
Notes, unless:
(i)
die
Aufsichtsbehörde
ihre
vorherige
Genehmigung
zur
Rückzahlung
der
Schuldverschreibungen und zur
Zahlung des Rückzahlungsbetrages
oder
zum
Rückkauf
der
Schuldverschreibungen trotz des
Solvenz-Kapitalereignisses
ausnahmsweise erteilt und bis zu
diesem Tag nicht widerrufen hat;
und
(i)
the Supervisory Authority has
exceptionally given, and not
withdrawn by such date, its prior
approval to the redemption of the
Notes and the payment of the
Redemption Amount or to the
repurchase of the Notes despite the
Solvency Capital Event; and
(ii)
das Kapital durch einen anderen,
zumindest gleichwertigen Tier 1oder
Tier 2Basiseigenmittelbestandteil
der
zumindest derselben Qualität mit
Genehmigung
der
Aufsichtsbehörde ersetzt wird; und
(ii)
the capital is replaced by another
tier 1 or tier 2 basic own-fund item
of at least the same quality with the
approval of the Supervisory
Authority; and
(iii)
die
Mindestkapitalanforderung
(MCR) (wie auch immer im
Anzuwendenden
Aufsichtsrecht
bezeichnet)
gemäß
dem
Anzuwendenden
Aufsichtsrecht
nach
der
Rückzahlung
der
Schuldverschreibungen und der
Zahlung des Rückzahlungsbetrages
oder nach dem Rückkauf der
erfüllt
wird; und
(iii)
the minimum capital requirement
(MCR) (howsoever described in
the Applicable Supervisory Law)
pursuant
to
the
Applicable
Supervisory Law is complied with
after the redemption of the Notes
and the payment of the Redemption
Amount or the repurchase of the
Notes is made; and
- 76 -
(c)
die Aufsichtsbehörde ihre Zustimmung
zur Rückzahlung bzw. zu dem Rückkauf
erteilt und bis zu diesem Tag nicht
widerrufen hat; und
(c)
the Supervisory Authority has given, and
not withdrawn by such day, its prior
consent to the redemption of the Notes or
to the repurchase of the Notes; and
(d)
im Falle einer Rückzahlung oder eines
Rückkaufs der Schuldverschreibungen
oder einer Ersetzung gemäß § 12 vor dem
1.1.2021, frühestens jedoch vor dem
fünften Jahrestag des Solvency IIUmsetzungsdatums, das Kapital durch
andere
Tier 1oder
Tier 2Basiseigenmittelbestandteile
mit
zumindest gleicher Qualität ersetzt worden
ist (falls eine solche Ersetzung zum
betreffenden
Zeitpunkt
für
die
Anrechenbarkeit
der
Schuldverschreibungen als Tier 2 der
Emittentin und/oder der UNIQA Gruppe
gemäß
dem
Anzuwendenden
Aufsichtsrecht weiterhin erforderlich ist).
(d)
in the event of a redemption or a
repurchase of the Notes or a substitution
pursuant to § 12 prior the later of
1 January 2021 and the fifth anniversary
of the Solvency II Implementation Date,
the capital has been replaced by another
tier 1 or tier 2 basic own-fund item of at
least the same quality (if such replacement
is still required at that time for the Notes
to be eligible as Tier 2 of the Issuer and/or
UNIQA Group under the Applicable
Supervisory Law).
Die
Emittentin
darf
jederzeit,
durch
Bekanntmachung einer Mitteilung an die
Anleihegläubiger, auf einzelne oder alle ihrer
Rechte
zur
Rückzahlung
der
Schuldverschreibungen für den in der Mitteilung
angegebenen Zeitraum verzichten. In diesem Fall
gelten
diese
Anleihebedingungen
als
entsprechend geändert und die Emittentin hat
kein
Recht
zur
Rückzahlung
der
Schuldverschreibungen während des in der
Mitteilung angegebenen Zeitraums.
(7)
Keine
Rückzahlung
Anleihegläubiger
nach
Wahl
der
At any time the Issuer may, by publishing a
notice to the Noteholders, waive any, some or all
of its rights to call the Notes for redemption for
the period of time as specified in the notice. In
this case, these Terms and Conditions shall be
deemed to be amended accordingly and the Issuer
will not be entitled to call the Notes for
redemption during the period of time as specified
in such notice.
(7)
Die Anleihegläubiger haben kein Recht die
vorzeitige
Rückzahlung
der
Schuldverschreibungen zu verlangen. Auf jedes
ordentliche
oder
außerordentliche
Kündigungsrecht der Anleihegläubiger in Bezug
auf die Schuldverschreibungen wird, soweit es
das anzuwendende Recht erlaubt, verzichtet.
The Noteholders do not have any right to demand
the early redemption of the Notes. Any ordinary
or extraordinary termination right of the
Noteholders in respect of the Notes shall be
waived to the extent permitted by applicable law.
§6
ZAHLUNGEN
(1)
No redemption at the option of the Noteholders
§6
PAYMENTS
Zahlung von Kapital und Zinsen
(1)
Die Emittentin verpflichtet sich, Kapital und
Zinsen auf die Schuldverschreibungen sowie alle
sonstigen auf die Schuldverschreibungen
zahlbaren Beträge bei Fälligkeit in Euro (EUR)
zu zahlen. Die Zahlung von Kapital und Zinsen
erfolgt an eine Zahlstelle zur Weiterleitung an
das Clearingsystem oder an dessen Order zur
Gutschrift für die jeweiligen Kontoinhaber gegen
Vorlage und (sofern es sich um die
Kapitalrückzahlung handelt) Einreichung der
Globalurkunden bei der gemäß § 9 bezeichneten
Geschäftsstelle dieser Zahlstelle. Die Zahlung an
- 77 -
Payment of principal and interest
The Issuer undertakes to pay, as and when due,
principal and interest as well as all other amounts
payable on the Notes in Euro (EUR). Payment of
principal and interest on the Notes shall be made
to a Paying Agent for on-payment to the Clearing
System or to its order for credit to the respective
account holders upon presentation and (in the
case of the payment in respect of principal)
surrender of the Global Notes to the specified
office of this Paying Agent pursuant to § 9.
Payments to the Clearing System or to its order
shall, to the extent of amounts so paid, constitute
(2)
das Clearingsystem oder an dessen Order befreit
die Emittentin in Höhe der geleisteten Zahlung
von ihren entsprechenden Verbindlichkeiten aus
den Schuldverschreibungen. Zahlungen von
Zinsen auf die Schuldverschreibungen, die durch
eine Vorläufige Globalurkunde verbrieft sind,
werden bei fälliger Bestätigung, wie in § 2(2)
vorgesehen, geleistet.
the discharge of the Issuer from its corresponding
obligations under the Notes. Payment of interest
on Notes represented by the Temporary Global
Note shall be made, upon due certification as
provided in § 2(2).
Alle Zahlungen unterliegen allen anzuwendenden
Steuergesetzen
und
anderen
Gesetzen,
Richtlinien
und
Verordnungen
oder
Vereinbarungen, mit denen die Emittentin oder
jede Zahlstelle einverstanden sind. Unbeschadet
der Bestimmungen in § 7 ist die Emittentin nicht
verpflichtet, den Anleihegläubigern zusätzliche
Beträge als Ausgleich für Steuern oder Abgaben
gleich welcher Art zu zahlen, die aufgrund
solcher Steuergesetze und anderer Gesetze,
Richtlinien, Verordnungen oder Vereinbarungen
anfallen oder erhoben werden.
All payments will be subject to all applicable
fiscal and other laws, directives and regulations
or agreements to which the Issuer or any Paying
Agent agree to be subject. Without prejudice to
the provisions of § 7, the Issuer will not be
obliged to pay to the Noteholders any additional
amounts as compensation for any taxes or duties
of whatever nature imposed or levied by such
fiscal and other laws, regulations, directives or
agreements.
Fälligkeitstag kein Geschäftstag
(2)
Falls ein Fälligkeitstag für die Zahlung von
Kapital und/oder Zinsen kein Geschäftstag ist,
erfolgt die Zahlung, außer im Fall des § 4(2)(b),
erst
am
nächstfolgenden
Geschäftstag;
Anleihegläubiger
sind
nicht
berechtigt,
zusätzliche
Zinsen
oder
eine
andere
Entschädigung
aufgrund
eines
solchen
Zahlungsaufschubs zu verlangen.
Due date not a Business Day
Except as otherwise provided in § 4(2)(b), if the
due date for any payment of principal and/or
interest is not a Business Day, payment shall be
effected only on the next Business Day; a
Noteholder shall have no right to claim payment
of any additional interest or other indemnity in
respect of such delay in payment.
§7
BESTEUERUNG
§7
TAXATION
Sämtliche Zahlungen auf die Schuldverschreibungen
(seien es Kapital oder Zinsen oder sonstige Beträge) sind
von der Emittentin frei von und ohne Einbehalt oder
Abzug von oder wegen gegenwärtiger oder zukünftiger
Steuern, oder sonstiger Abgaben gleich welcher Art zu
leisten, die von oder in dem Land, in dem die Emittentin
ihren Sitz hat, oder von einer Gebietskörperschaft oder
einer dortigen zur Steuererhebung ermächtigten Behörde
oder Stelle erhoben werden, es sei denn, der Abzug oder
Einbehalt solcher Steuern oder sonstiger Abgaben ist
gesetzlich vorgeschrieben oder ergibt sich aus der
Auslegung oder Anwendung eines Gesetzes. In diesem
Fall wird die Emittentin diejenigen zusätzlichen Beträge
(die "Zusätzlichen Beträge") zahlen, die erforderlich
sind, damit die von jedem Anleihegläubiger zu
empfangenden Beträge nach einem solchen Abzug oder
Einbehalt den Beträgen entsprechen, die der
Anleihegläubiger ohne einen solchen Abzug oder
Einbehalt erhalten hätte. Derartige Zusätzliche Beträge
müssen jedoch nicht in Bezug auf Zahlungen auf eine
Schuldverschreibung erbracht werden, wenn:
All amounts payable (whether in respect of principal,
interest or otherwise) in respect of the Notes by the
Issuer will be made free and clear of and without
withholding or deduction for or on account of any
present or future taxes or other duties of whatever nature
imposed or levied by or on behalf of the jurisdiction of
incorporation of the Issuer or any political subdivision
thereof or any authority or agency therein or thereof
having power to tax, unless the deduction or withholding
of such taxes or other duties is required by interpretation
or application of law. In that event, the Issuer shall pay
such additional amounts (the "Additional Amounts") as
may be necessary in order that the net amounts
receivable by the Noteholder after such deduction or
withholding shall equal the respective amounts which
would have been received by such Noteholder in the
absence of such deduction or withholding; except that no
such Additional Amounts shall be payable in relation to
any payment in respect of any Note:
(a)
(a)
die Zahlungen an einen Anleihegläubiger oder in
dessen Namen an einen Dritten geleistet werden,
der solchen Steuern oder sonstigen Abgaben in
- 78 -
to, or to a third party on behalf of, a Noteholder
who is liable to such taxes or other duties in
respect of such Note by reason of his having
Bezug auf diese Schuldverschreibungen deshalb
unterliegt, weil er eine andere Beziehung zur
Rechtsordnung der Emittentin hat als den bloßen
Umstand, dass er (i) Inhaber einer solchen
Schuldverschreibung ist oder (ii) Kapital, Zinsen
oder andere Beträge in Bezug auf eine solche
Schuldverschreibung erhält; oder
some connection with the jurisdiction of
incorporation of the Issuer other than (i) the mere
holding of such Note or (ii) the receipt of
principal, interest or other amounts in respect of
such Note; or
(b)
die
Schuldverschreibung
mehr
als
30
Kalendertage nach dem Relevanten Datum zur
Zahlung vorgelegt wird, es sei denn, der
betreffende Anleihegläubiger hätte auch bei
Vorlegung am Ende oder vor Ablauf dieses
Zeitraums von 30 Kalendertagen einen Anspruch
auf Erhalt dieser Zusätzlichen Beträge gehabt;
oder
(b)
presented for payment more than 30 calendar
days after the Relevant Date, except to the extent
that the relevant Noteholder would have been
entitled to such Additional Amounts on
presenting the same for payment on or before the
expiry of such period of 30 calendar days; or
(c)
ein solcher Abzug oder Einbehalt hinsichtlich
einer Auszahlung an eine natürliche Person oder
eine niedergelassene Einrichtung erfolgt und
aufgrund der Richtlinie des Europäischen Rats
2003/48/EG oder einer anderen Richtlinie zu
erfolgen hat, die die Ergebnisse des
Ministerratstreffens der Finanzminister der
Europäischen Union vom 26. bis zum
27. November 2000 bezüglich der Besteuerung
von Kapitaleinkünften umsetzt, oder aufgrund
eines jeden anderen Gesetzes, das die Umsetzung
einer solchen Richtlinie bezweckt, oder das
erlassen wurde, um den Anforderungen einer
solchen Richtlinie zu genügen; oder
(c)
where such deduction or withholding is imposed
on a payment to an individual or a residual entity
and is required to be made pursuant to European
Council Directive 2003/48/EC or any other
directive implementing the conclusions of the
ECOFIN Council
meeting of 26 to
27 November 2000 on the taxation of savings
income or any law implementing or complying
with, or introduced in order to conform to, such
directive; or
(d)
die
Schuldverschreibung
von
einem
Anleihegläubiger oder im Namen eines
Anleihegläubigers zur Auszahlung vorgelegt
wird, welcher einen Abzug oder Einbehalt durch
Vorlegung der betreffenden Schuldverschreibung
bei einer anderen Zahlstelle in einem
Mitgliedsstaat der Europäischen Union hätte
vermeiden können.
(d)
presented for payment by or on behalf of a
Noteholder who would have been able to avoid
such deduction or withholding by presenting the
relevant Note to another Paying Agent in a
member state of the European Union.
Das "Relevante Datum" für eine Zahlung bezeichnet
das Datum, zu dem diese Zahlung erstmalig fällig und
zahlbar wird; falls jedoch die zahlbaren Gelder nicht in
voller Höhe an oder vor diesem Fälligkeitsdatum bei der
Zahlstelle eingegangen sind, bedeutet es das Datum, an
dem die Gelder in voller Höhe eingegangen sind und zur
Zahlung an die Anleihegläubiger zur Verfügung stehen
und eine entsprechende Bekanntmachung an die
Anleihegläubiger gemäß § 11 erfolgt ist.
The "Relevant Date" means, in respect of any payment,
the date on which such payment first becomes due and
payable, but if the full amount of the monies payable has
not been received by the Paying Agent on or prior to
such due date, it means the date on which the full amount
of such monies has been received, is available for
payment to Noteholders and notice to that effect has been
duly given to the Noteholders of the Notes in accordance
with § 11.
Die Emittentin ist jedenfalls nicht verpflichtet,
zusätzliche Beträge zu zahlen, die von der Emittentin,
der relevanten Zahlstelle oder irgendeiner anderen Partei
("FATCA Einbehalt") in Bezug auf einen Einbehalt
oder Abzug eines Betrages, der aufgrund der
Bestimmungen 1471 bis 1474 (oder jeder geänderten
oder Nachfolgebestimmung) des U.S. Internal Revenue
Code, gemäß eines zwischenstaatlichen Abkommens
oder eines Durchführungsgesetzes, das von einem
anderen Staat in Zusammenhang mit diesen
In any event, the Issuer will have no obligation to pay
additional amounts deducted or withheld by the Issuer,
the relevant Paying Agent or any other party ("FATCA
Withholding") in relation to any withholding or
deduction of any amounts required by the rules of U.S.
Internal Revenue Code Sections 1471 through 1474 (or
any amended or successor provisions), pursuant to any
inter-governmental
agreement,
or
implementing
legislation adopted by another jurisdiction in connection
with these provisions, or pursuant to any agreement with
- 79 -
Bestimmungen verabschiedet wurde, oder gemäß
irgendeines Abkommens mit dem U.S. Internal Revenue
Service abzuziehen oder einzubehalten sind, oder
Anleger in Bezug auf einen FATCA Einbehalt zu
entschädigen.
the U.S. Internal Revenue Service or indemnify any
investor in relation to any FATCA Withholding.
§8
VORLEGUNGSFRIST, VERJÄHRUNG
§8
PRESENTATION PERIOD, PRESCRIPTION
Die in § 801(1) Satz 1 des Bürgerlichen Gesetzbuches
(BGB) bestimmte Vorlegungsfrist wird für die
Schuldverschreibungen auf zehn Jahre verkürzt. Die
Verjährungsfrist für die Schuldverschreibungen, die für
die Zahlung während der Vorlegungsfrist vorgelegt wird,
ist zwei Jahre und beginnt am Ende der relevanten
Vorlegungsfrist.
The term for presentation of the Notes as laid down in
section 801 paragraph 1 sentence 1 of the German Civil
Code (Bürgerliches Gesetzbuch – BGB) is reduced to ten
years. The period for prescription for Notes presented for
payment during the presentation period shall be two
years beginning at the end of the relevant presentation
period.
§9
ZAHLSTELLEN UND BERECHNUNGSSTELLE
§9
PAYING AGENTS AND CALCULATION AGENT
(1)
Hauptzahlstelle
(1)
BNP Paribas Securities Services Luxembourg
Branch mit der Geschäftsstelle in 33 rue de
Gasperich, 5826 Hesperange, Luxemburg ist die
Hauptzahlstelle ("Hauptzahlstelle").
(2)
Berechnungsstelle
BNP Paribas Securities Services Luxembourg
Branch with its office in 33 rue de Gasperich,
5826 Hesperange, Luxembourg shall be the
principal paying agent ("Principal Paying
Agent").
(2)
Die Hauptzahlstelle ist die Berechnungsstelle
("Berechnungsstelle").
(3)
Rechtsverhältnisse
Berechnungsstelle
der
Zahlstellen
und
der
Ersetzung von Zahlstellen und Berechnungsstelle
Calculation Agent
The Principal Paying Agent shall be the
calculation agent ("Calculation Agent").
(3)
Die Zahlstellen und die Berechnungsstelle
handeln ausschließlich als Beauftragte der
Emittentin
und
übernehmen
keine
Verpflichtungen
gegenüber
den
Anleihegläubigern; es wird kein Vertrags-,
Auftrags- oder Treuhandverhältnis zwischen
ihnen und den Anleihegläubigern begründet.
(4)
Principal Paying Agent
Paying Agents and Calculation Agent Legal
Matters
The Paying Agents and the Calculation Agent act
solely as agents of the Issuer and do not assume
any obligations towards or relationship of
contract, agency or trust for or with any of the
Noteholders.
(4)
Die Emittentin behält sich das Recht vor,
jederzeit
eine
andere
Zahlstelle
oder
Berechnungsstelle zu beauftragen oder eine
solche Beauftragung zu beenden und zusätzliche
(gemeinsam mit der Hauptzahlstelle, die
"Zahlstellen", und jede eine "Zahlstelle") oder
andere
Zahlstellen
bzw.
andere
Berechnungsstellen
zu
ernennen.
Den
Anleihegläubigern werden Änderungen in Bezug
auf die Zahlstellen oder die Berechnungsstelle
oder ihre jeweils angegebenen Geschäftsstellen
umgehend gemäß § 11 mitgeteilt.
- 80 -
Replacement of Paying Agents and Calculation
Agent
The Issuer reserves the right at any time to vary
or terminate the appointment of any Paying
Agent or the Calculation Agent and to appoint
successor or additional Paying Agents (together
with the Principal Paying Agent, the "Paying
Agents", and each a "Paying Agent") or a
successor Calculation Agent. Notice of any
change in the Paying Agents or Calculation
Agent or in the specified office of any Paying
Agent or the Calculation Agent will be given
without undue delay to the Noteholders in
accordance with § 11.
§ 10
AUFSTOCKUNG
§ 10
INCREASE
Die Emittentin ist berechtigt, von Zeit zu Zeit ohne
Zustimmung
der
Anleihegläubiger
weitere
mit
den
gleichen
Anleihebedingungen zu begeben, so dass die neu
begebenen Schuldverschreibungen mit diesen eine
einheitliche Serie bilden.
The Issuer may from time to time, without the consent of
the Noteholders issue further Notes having the same
Terms and Conditions as such Notes so as to form a
single series with the Notes.
§ 11
BEKANNTMACHUNGEN
§ 11
NOTICES
(1)
(2)
Ort der Bekanntmachungen
(1)
(a)
Bekanntmachungen an Anleihegläubiger
erfolgen
in
einer
führenden
deutschsprachigen
Tageszeitung
mit
allgemeiner Verbreitung in Österreich
(voraussichtlich das "Amtsblatt zur
Wiener Zeitung") oder, sofern eine solche
Veröffentlichung nicht praktikabel ist,
durch Veröffentlichung einer führenden
deutschsprachigen
Tageszeitung
mit
allgemeiner
Verbreitung
in
der
Bundesrepublik
Deutschland
(oder
solange die Schuldverschreibungen in
vorläufigen
oder
dauerhaften
Globalurkunden verbrieft sind und dies
von der betreffenden Börse erlaubt ist,
durch Weitergabe an das Clearingsystem,
damit dieses die Informationen an die
Personen übermittelt, die in seinen
jeweiligen Unterlagen als Personen mit
berechtigtem Interesse geführt werden).
(a)
Notices to Noteholders will be made in a
leading newspaper published in the
German language and of general
circulation in the Republic of Austria
(which is expected to be the "Amtsblatt
zur Wiener Zeitung") or, if such
publication is not practicable, in a leading
German language newspaper of general
circulation in the Federal Republic of
Germany (or, if permitted by the rules of
the relevant stock exchange, so long as the
Notes are represented by temporary global
Notes or permanent global Notes, if
delivered to the Clearing System for
communication by it to the persons shown
in its respective records as having interests
therein).
(b)
Die Emittentin stellt sicher, dass alle
Bekanntmachungen ordnungsgemäß in
Übereinstimmung mit den Erfordernissen
der jeweiligen Börsen, an denen die
notiert
sind,
erfolgen.
(b)
The Issuer shall also ensure that notices
are duly published in compliance with the
requirements of each stock exchange on
which the Notes are listed.
Wirksamwerden der Bekanntmachungen
(2)
Jede Bekanntmachung wird am Tag der ersten
Veröffentlichung bzw am vierten Geschäftstag
nach dem Tag einer Weitergabe an das
Clearingsystem wirksam.
Effectiveness of notices
Any notice will be deemed to have been validly
given on the date of first such publication or, as
the case may be, on the fourth Business Day after
the date of such delivery to the Clearing System.
§ 12
ERSETZUNG DER EMITTENTIN
(1)
Place of notification
§ 12
SUBSTITUTION OF THE ISSUER
Ersetzung
(1)
Die Emittentin ist berechtigt, ohne Zustimmung
der Anleihegläubiger an ihre Stelle eine
Tochtergesellschaft, an der die Emittentin
unmittelbar oder mittelbar Anteile von
mindestens 95% hält, als Schuldnerin in Bezug
auf
die
(die
- 81 -
Substitution
The Issuer may without the consent of
Noteholders, substitute for itself any subsidiary,
which is, directly or indirectly, at least 95 per
cent. owned by the Issuer as the debtor in respect
of Notes (the "Substitute Debtor") upon notice
by the Issuer and the Substitute Debtor to be
"Nachfolgeschuldnerin") zu setzen. Eine solche
Ersetzung ist durch die Emittentin und die
Nachfolgeschuldnerin
gemäß
§ 11
zu
veröffentlichen. Sie setzt voraus, dass
given by publication in accordance with § 11,
provided that:
(a)
die Emittentin nicht mit irgendwelchen
auf die Schuldverschreibungen zahlbaren
Beträgen in Verzug ist;
(a)
the Issuer is not in default in respect of
any amount payable under any of the
Notes;
(b)
die
Emittentin
und
die
die
für
die
Wirksamkeit der Ersetzung erforderlichen
Vereinbarungen (die "Vereinbarungen")
abgeschlossen haben, in denen die
Nachfolgeschuldnerin sich zu Gunsten
eines
jeden
Anleihegläubigers
als
begünstigtem Dritten i.S.d. § 328 des
Bürgerlichen
Gesetzbuches
(BGB)
verpflichtet hat, als Schuldnerin in Bezug
auf die Schuldverschreibungen diese
Anleihebedingungen
anstelle
der
Emittentin oder jeder vorhergehenden
ersetzenden Schuldnerin nach diesem § 12
einzuhalten;
(b)
the Issuer and the Substitute Debtor have
entered into such documents (the
"Documents") as are necessary to give
effect to the substitution and in which the
Substitute Debtor has undertaken in
favour of each Noteholder as third party
beneficiary pursuant to section 328 of the
German Civil Code (Bürgerliches
Gesetzbuch - BGB) to be bound by these
Terms and Conditions as the debtor in
respect of the Notes in place of the Issuer
(or of any previous substitute under this
§ 12);
(c)
die
Emittentin
und
die
Nachfolgeschuldnerin eine nachrangige
Darlehensvereinbarung
abgeschlossen
haben, die im Wesentlichen gleiche
Bedingungen wie die Bedingungen der
vorsieht
und
gewährleistet, dass das gegen die
Begebung der Schuldverschreibungen
geleistete Kapital, das den Eigenmitteln
der Emittentin zugewiesen ist, für die
Emittentin voll anrechenbar bleibt;
(c)
the Issuer and the Substitute Debtor have
entered into a subordinated loan
agreement with terms substantially equal
to the terms of the Notes ensuring that the
capital paid for the issue of the Notes
allocated to Issuer's own funds shall
remain fully accountable to the Issuer;
(d)
sofern die Nachfolgeschuldnerin in
steuerlicher Hinsicht in einem anderen
Gebiet ihren Sitz (der "Neue Sitz") hat als
in dem, in dem die Emittentin vor der
Ersetzung in steuerlicher Hinsicht ansässig
war
(der
"Frühere
Sitz"),
die
Vereinbarungen
eine
Verpflichtungserklärung und/oder solche
anderen Bestimmungen enthalten, die
gegebenenfalls erforderlich sind, um
sicherzustellen,
dass
jeder
Anleihegläubiger
aus
einer
den
Bestimmungen des § 7 entsprechenden
Verpflichtung begünstigt wird, wobei,
soweit anwendbar, die Bezugnahmen auf
den Früheren Sitz durch Bezugnahmen auf
den Neuen Sitz ersetzt werden;
(d)
if the Substitute Debtor is resident for tax
purposes in a territory (the "New
Residence") other than that in which the
Issuer prior to such substitution was
resident for tax purposes (the "Former
Residence") the Documents contain an
undertaking and/or such other provisions
as may be necessary to ensure that each
Noteholder has the benefit of an
undertaking in terms corresponding to the
provisions of § 7, substituting, where
applicable, references to the Former
Residence with references to the New
Residence;
(e)
die Emittentin eine nachrangige Garantie
begibt, die sich auf die Verbindlichkeiten
der Neuen Schuldnerin aus den
Vereinbarungen erstreckt;
(e)
the Issuer issues a subordinated guarantee
which extends to the obligations of the
Substitute Debtor under the Documents;
(f)
die
(f)
the Substitute Debtor and the Issuer have
und
die
- 82 -
Emittentin
alle
erforderlichen
behördlichen
Genehmigungen
und
Zustimmungen für die Ersetzung und für
die Erfüllung der Verbindlichkeiten der
Neuen
Schuldnerin
aus
den
Vereinbarungen erhalten haben;
(2)
obtained all necessary governmental
approvals and consents for such
substitution and for the performance by
the Substitute Debtor of its obligations
under the Documents;
(g)
jede Wertpapierbörse, an der die
Schuldverschreibungen zugelassen sind,
bestätigt hat, dass nach der vorgesehenen
Ersetzung durch die Nachfolgeschuldnerin
diese Schuldverschreibungen weiterhin an
dieser Wertpapierbörse zugelassen sind;
(g)
each stock exchange on which the Notes
are listed shall have confirmed that,
following the proposed substitution of the
Substitute Debtor, such Notes will
continue to be listed on such stock
exchange;
(h)
soweit
anwendbar,
die
einen
Zustellungsbevollmächtigten
in
der
Bundesrepublik Deutschland für alle
Rechtsstreitigkeiten
aus
oder
im
Zusammenhang
mit
den
Schuldverschreibungen ernannt hat; und
(h)
if applicable, the Substitute Debtor has
appointed a process agent as its agent in
The Federal Republic of Germany to
receive service of process on its behalf in
relation to any legal proceedings arising
out of or in connection with the Notes
upon;
(i)
die Aufsichtsbehörde ihre vorhergehende
Zustimmung dazu gegeben hat;
(i)
the Supervisory Authority has given its
prior consent thereto;
(j)
die Rückzahlungsbedingungen, die auf die
Ersetzung
anzuwenden
sind,
zum
Zeitpunkt der Ersetzung erfüllt sind; und
(j)
the Redemption Conditions, which shall
apply to the substitution, are fulfilled at
the time of the substitution; and
(k)
der Hauptzahlstelle Rechtsgutachten, die
dort in Kopie erhältlich sein werden, von
Rechtsberatern von anerkanntem Ruf
zugestellt wurden, die die Emittentin für
jede Rechtsordnung ausgewählt hat, in der
die Emittentin, und, soweit davon
verschieden, die Nachfolgeschuldnerin
ihren Sitz haben, und in denen bestätigt
wird, soweit zutreffend, dass mit
Durchführung der Schuldnerersetzung die
Anforderungen
in
vorstehenden
Unterabsätzen (a) bis (j) erfüllt worden
sind.
(k)
legal opinions shall have been delivered to
the Principal Paying Agent (from whom
copies will be available) from legal
advisers of good standing selected by the
Issuer in each jurisdiction in which the
Issuer and (if different) the Substitute
Debtor are incorporated confirming, as
appropriate, that upon the substitution
taking place the requirements according to
subsections (a) to (j) above have been met.
Folge der Ersetzung; weitere Ersetzung und
Bezugnahmen im Fall der Ersetzung der
Emittentin.
(2)
Consequences of a replacement, further
replacements and references in case of
substitution of the Issuer.
(a)
Durch eine solche Ersetzung folgt die
Nachfolgeschuldnerin der Emittentin
nach, ersetzt diese und kann alle Rechte
und Ansprüche der Emittentin aus den
Schuldverschreibungen mit der gleichen
Wirkung
ausüben,
als
ob
die
in
diesen
Anleihebedingungen
als
Emittentin
genannt worden wäre. Die Emittentin wird
von ihren Verbindlichkeiten aus den
Schuldverschreibungen befreit.
(a)
Upon such substitution the Substitute
Debtor shall succeed to, and be substituted
for, and may exercise every right and
power, of the Issuer under the Notes with
the same effect as if the Substitute Debtor
had been named as the Issuer herein, and
the Issuer shall be released from its
obligations under the Notes.
(b)
Nach einer Ersetzung gemäß diesem § 12
kann die Nachfolgeschuldnerin ohne
Zustimmung der Anleihegläubiger eine
weitere Ersetzung durchführen. Die in
(b)
After a substitution pursuant to this § 12,
the Substitute Debtor may, without the
consent of Noteholders, effect a further
substitution. All the provisions specified
- 83 -
§ 12(1)(a) bis (k) und (2) genannten
Bestimmungen finden entsprechende
Anwendung;
insbesondere
bleibt
§ 12(1)(c) im Hinblick auf die Emittentin
weiter anwendbar und die Emittentin muss
an jeder Nachfolgeschuldnerin unmittelbar
oder mittelbar Anteile von mindestens
95% halten. Bezugnahmen in diesen
Anleihebedingungen auf die Emittentin
gelten, wo der Zusammenhang dies
erfordert, als Bezugnahmen auf eine
derartige weitere Nachfolgeschuldnerin.
(c)
in § 12(1)(a) to (k) and (2) shall apply
mutatis mutandis; in particular § 12(1)(c)
shall remain applicable in relation to the
Issuer and the Issuer shall hold directly or
indirectly at least 95 per cent. of the share
capital of the Substitute Debtor.
References in these Terms and Conditions
to the Issuer shall, where the context so
requires, be deemed to be or include
references to any such further Substitute
Debtor.
Nach einer Ersetzung gemäß diesem § 12
kann jede Nachfolgeschuldnerin durch
Bekanntmachung
nach
§ 11
ohne
Zustimmung der Anleihegläubiger die
Ersetzung
entsprechend
rückgängig
machen.
(c)
§ 13
ÄNDERUNG DER ANLEIHEBEDINGUNGEN
DURCH BESCHLUSS DER
ANLEIHEGLÄUBIGER; GEMEINSAMER
VERTRETER
(1)
Änderungen der Anleihebedingungen
Beschluss der Anleihegläubiger
After a substitution pursuant to this § 12
any Substitute Debtor may, after giving
notice in accordance with § 11 and
without the consent of any Noteholder,
reverse the substitution, mutatis mutandis.
§ 13
AMENDMENTS TO THE TERMS AND
CONDITIONS BY RESOLUTION OF THE
NOTEHOLDERS; JOINT REPRESENTATIVE
durch
(1)
Bestimmungen in den Anleihebedingungen, die
für die Einstufung der Schuldverschreibungen als
Eigenmittel
für
Zwecke
der
Kapitalanforderungen, insbesondere als Tier 2
der Emittentin und/oder der UNIQA Gruppe,
erforderlich sind, können nicht geändert werden.
Die Emittentin wird solchen Änderungen nicht
zustimmen. Die Anleihebedingungen können
gemäß
§§ 5
ff.
des
Gesetzes
über
Schuldverschreibungen aus Gesamtemissionen
("SchVG"), in der jeweils geltenden Fassung,
durch
einen
Mehrheitsbeschluss
der
Anleihegläubiger mit Zustimmung der Emittentin
und
vorbehaltlich
der
vorhergehenden
Zustimmung der Aufsichtsbehörde (sofern eine
solche Zustimmung zum Zeitpunkt der
Anrechenbarkeit der Schuldverschreibungen als
Tier 2 der Emittentin und/oder der UNIQA
Gruppe
aufgrund
des
Anzuwendenden
Aufsichtsrechts dann erforderlich ist) geändert
werden.
Die
Anleihegläubiger
können
insbesondere einer Änderung wesentlicher
Inhalte der Anleihebedingungen, einschließlich
der in § 5(3) SchVG vorgesehenen Maßnahmen
mit Ausnahme der Ersetzung der Emittentin, die
in § 12 abschließend geregelt ist, mit den in dem
nachstehenden § 13(2) genannten Mehrheiten
zustimmen. Ein ordnungsgemäß gefasster
Mehrheitsbeschluss ist für alle Anleihegläubiger
verbindlich.
- 84 -
Amendments to the Terms and Conditions by
Resolution of the Noteholders
Provisions in the Terms and Conditions which
are required for the qualification of the Notes as
own funds for capital requirement purposes, in
particular as Tier 2 of the Issuer and/or UNIQA
Group, may not be amended. The Issuer will not
agree to any such amendment. The Terms and
Conditions may be amended by a majority
resolution of the Noteholders pursuant to
sections 5 et seqq. of the German Act on Issues
of
Debt
Securities
(Gesetz
über
Schuldverschreibungen aus Gesamtemissionen,
"SchVG"), as amended from time to time, with
the consent of the Issuer and subject to the prior
approval of the Supervisory Authority (if such
consent is required at that time for the Notes to be
eligible as Tier 2 of the Issuer and/or UNIQA
Group under the Applicable Supervisory Law). In
particular, the Noteholders may consent to
amendments which materially change the
substance of the Terms and Conditions, including
such measures as provided for under section 5
paragraph 3 of the SchVG, but excluding a
substitution of the Issuer, which is exclusively
subject to the provisions in § 12, by resolutions
passed by such majority of the votes of the
Noteholders as stated under § 13(2) below. A
duly passed majority resolution will be binding
upon all Noteholders.
(2)
Mehrheitsbeschlüsse
(2)
Vorbehaltlich des nachstehenden Satzes und der
Erreichung der erforderlichen Beschlussfähigkeit,
beschließen die Anleihegläubiger mit der
einfachen Mehrheit der an der Abstimmung
teilnehmenden Stimmrechte. Beschlüsse, durch
welche
der
wesentliche
Inhalt
der
Anleihebedingungen, insbesondere in den Fällen
des § 5 Absatz 3 Nr. 1 bis 9 SchVG, geändert
wird, bedürfen zu ihrer Wirksamkeit einer
Mehrheit von mindestens 75% der an der
Abstimmung
teilnehmenden
Stimmrechte
("Qualifizierte Mehrheit").
(3)
Abstimmung
Quorum requirements
Except as provided by the following sentence and
provided that the quorum requirements are being
met, the Noteholders may pass resolutions by
simple majority of the voting rights participating
in the vote. Resolutions which materially change
the substance of the Terms and Conditions, in
particular in the cases of section 5 paragraph 3
numbers 1 through 9 of the SchVG, may only be
passed by a majority of at least 75 per cent., of
the voting rights participating in the vote
("Qualified Majority").
(3)
Resolution
Beschlüsse der Anleihegläubiger werden
entweder in einer Anleihegläubigerversammlung
nach § 13(3)(a) oder im Wege der Abstimmung
ohne Versammlung nach § 13(3)(b), in jedem
Fall einberufen durch die Emittentin oder einen
etwaigen gemeinsamen Vertreter, getroffen.
Resolutions of the Noteholders will be made
either in a Noteholder's meeting in accordance
with § 13(3)(a) or by means of a vote without a
meeting (Abstimmung ohne Versammlung) in
accordance with § 13(3)(b), in either case
convened by the Issuer or a joint representative,
if any.
(a)
Beschlüsse der Anleihegläubiger im
Rahmen
einer
Anleihegläubigerversammlung
werden
nach §§ 9 ff. SchVG getroffen. Die
Einberufung
der
Anleihegläubigerversammlung regelt die
weiteren
Einzelheiten
der
Beschlussfassung und der Abstimmung.
Mit
der
Einberufung
der
Anleihegläubigerversammlung werden in
der
Tagesordnung
die
Beschlussgegenstände
sowie
die
Vorschläge zur Beschlussfassung den
Anleihegläubigern bekannt gegeben. Für
die
Teilnahme
an
der
Anleihegläubigerversammlung oder die
Ausübung der Stimmrechte ist eine
Anmeldung der Anleihegläubiger vor der
Versammlung
erforderlich.
Die
Anmeldung muss unter der in der
Einberufung
mitgeteilten
Adresse
spätestens am dritten Kalendertag vor der
Anleihegläubigerversammlung zugehen.
(a)
Resolutions of the Noteholders in a
Noteholder's meeting will be made in
accordance with sections 9 et seqq. of the
SchVG. The convening notice of a
Noteholders' meeting will provide the
further details relating to the resolutions
and the voting procedure. The subject
matter of the vote as well as the proposed
resolutions will be notified to Noteholders
in the agenda of the meeting. The
attendance at the Noteholders' meeting or
the exercise of voting rights requires a
registration of the Noteholders prior to the
meeting. Any such registration must be
received at the address stated in the
convening notice by no later than the third
calendar day preceding the Noteholders'
meeting.
(b)
Beschlüsse der Anleihegläubiger im Wege
der Abstimmung ohne Versammlung
werden nach § 18 SchVG getroffen. Die
Aufforderung zur Stimmabgabe durch den
Abstimmungsleiter regelt die weiteren
Einzelheiten der Beschlussfassung und der
Abstimmung. Mit der Aufforderung zur
Stimmabgabe
werden
die
Beschlussgegenstände
sowie
die
Vorschläge zur Beschlussfassung den
Anleihegläubigern bekannt gegeben.
(b)
Resolutions of the Noteholders by means
of a voting not requiring a physical
meeting (Abstimmung ohne Versammlung)
will be made in accordance with
sections 18 of the SchVG. The request for
voting as submitted by the chairman
(Abstimmungsleiter) will provide the
further details relating to the resolutions
and the voting procedure. The subject
matter of the vote as well as the proposed
resolutions will be notified to Noteholders
together with the request for voting.
- 85 -
(4)
Zweite Anleihegläubigerversammlung
(4)
Wenn
festgestellt
wurde,
dass
keine
Beschlussfähigkeit für eine Abstimmung ohne
Versammlung gemäß § 13(3)(b) besteht, kann der
Abstimmungsleiter
eine
Versammlung
einberufen, die als zweite Versammlung im Sinne
des § 15(3) Satz 3 des SchVG gilt.
(5)
Registrierung
If it is ascertained that no quorum exists for the
vote without meeting pursuant to § 13(3)(b), the
chairman (Abstimmungsleiter) may convene a
meeting, which shall be deemed to be a second
meeting within the meaning of § 15(3) sentence 3
of the SchVG.
(5)
Die Ausübung der Stimmrechte ist von der
Registrierung der Anleihegläubiger abhängig.
Die Registrierung muss spätestens am dritten Tag
vor der Versammlung im Fall einer
Anleihegläubigerversammlung (wie in § 13(3)(a)
oder § 13(4) beschrieben) bzw am Beginn des
Abstimmungszeitraums
im
Fall
einer
Abstimmung ohne Versammlung (wie in
§ 13(3)(b) beschrieben) an der Adresse erhalten
werden, die im Abstimmungsantrag angegeben
wurde. Als Teil der Registrierung muss der
Anleihegläubiger seine Teilnahmeberechtigung
an der Abstimmung durch eine spezielle
Bestätigung der jeweiligen Depotbank darüber in
Textform
und
durch
Vorlage
einer
Sperranweisung der Depotbank, die angibt, dass
die relevanten Schuldverschreibungen vom Tag,
an dem diese Registrierung übermittelt wurde,
(einschließlich) bis zum festgelegten Ende der
Versammlung bzw dem Tag, an dem der
Abstimmungszeitraum endet, (einschließlich)
nicht übertragbar sind, zeigen.
(6)
Gemeinsamer Vertreter
Second noteholders' meeting
Registration
The exercise of voting rights is subject to the
registration of the Noteholders. The registration
must be received at the address stated in the
request for voting no later than the third day prior
to the meeting in the case of a Noteholders'
meeting (as described in § 13(3)(a) or § 13(4)) or
the beginning of the voting period in the case of
voting not requiring a physical meeting (as
described in § 13(3)(b)), as the case may be. As
part of the registration, Noteholders must
demonstrate their eligibility to participate in the
vote by means of a special confirmation of their
respective depositary bank hereof in text form
and by submission of a blocking instruction by
the depositary bank stating that the relevant
Notes are not transferable from and including the
day such registration has been sent until and
including the stated end of the meeting or day the
voting period ends, as the case may be.
(6)
Joint representative
Die
Anleihegläubiger
können
durch
Mehrheitsbeschluss
die
Bestellung
und
Abberufung eines gemeinsamen Vertreters, die
Aufgaben und Befugnisse des gemeinsamen
Vertreters, die Übertragung von Rechten der
Anleihegläubiger auf den gemeinsamen Vertreter
und eine Beschränkung der Haftung des
gemeinsamen Vertreters bestimmen. Die
Bestellung eines gemeinsamen Vertreters bedarf
einer Qualifizierten Mehrheit, wenn er ermächtigt
wird,
wesentlichen
Änderungen
der
Anleihebedingungen
gemäß
§ 13(2)
zuzustimmen.
The Noteholders may by majority resolution
provide for the appointment or dismissal of a
joint
representative,
the
duties
and
responsibilities and the powers of such joint
representative, the transfer of the rights of the
Noteholders to the joint representative and a
limitation of liability of the joint representative.
Appointment of a joint representative may only
be passed by a Qualified Majority if such joint
representative is to be authorised to consent, in
accordance with § 13(2), to a material change in
the substance of the Terms and Conditions.
Der gemeinsame Vertreter hat die ihm durch das
Gesetz oder durch Mehrheitsbeschlüsse der
Anleihegläubiger verliehenen Aufgaben und
Befugnisse. Der gemeinsame Vertreter hat die
Anweisungen der Anleihegläubiger zu befolgen.
Insofern als der gemeinsame Vertreter berechtigt
wurde, bestimmte Rechte der Anleihegläubiger
auszuüben, sind die Anleihegläubiger nicht
berechtigt solche Rechte selbst auszuüben, außer
dies wird im entsprechenden Mehrheitsbeschluss
ausdrücklich vorgesehen. Der gemeinsame
The joint representative shall have the duties and
powers provided by law or granted by majority
resolutions of the Noteholders. The joint
representative shall comply with the instructions
of the Noteholders. To the extent that the joint
representative has been authorised to assert
certain rights of the Noteholders, the Noteholders
shall not be entitled to assert such rights
themselves, unless explicitly provided for in the
relevant majority resolution. The joint
representative shall provide reports to the
- 86 -
(7)
Vertreter stellt den Anleihegläubigern Berichte
über seine Maßnahmen zur Verfügung. Die
Vorschriften des SchVG sind auf den Widerruf
und andere Rechte und Verpflichtungen des
gemeinsamen Vertreters anwendbar.
Noteholders on its activities. The regulations of
the SchVG apply with regard to the recall and the
other rights and obligations of the joint
representative.
Falls der gemeinsame Vertreter nicht für Vorsatz
oder grobe Fahrlässigkeit haftbar ist, ist die
Haftung des gemeinsamen Vertreters auf das
zehnfache des Betrages seiner jährlichen
Vergütung beschränkt.
Unless the joint representative is liable for wilful
misconduct (Vorsatz) or gross negligence (grobe
Fahrlässigkeit), the joint representative's liability shall
be limited to ten times the amount of its annual
remuneration.
Bekanntmachungen
(7)
Bekanntmachungen betreffend diesen § 13
erfolgen gemäß den §§ 5 ff. SchVG sowie nach
§ 11.
Any notices concerning this § 13 will be made in
accordance with sections 5 et seqq. of the SchVG
and § 11.
§ 14
ANWENDBARES RECHT; ERFÜLLUNGSORT;
GERICHTSSTAND;
ZUSTELLUNGSBEVOLLMÄCHTIGTER
(1)
§ 14
GOVERNING LAW; PLACE OF
PERFORMANCE; JURISDICTION;
PROCESS AGENT
Anwendbares Recht
(1)
Form und Inhalt der Schuldverschreibungen
sowie die Rechte und Pflichten der
Anleihegläubiger und der Emittentin bestimmen
sich in jeder Hinsicht nach deutschem Recht
unter Ausschluss der Kollisionsnormen des
internationalen Privatrechts, mit Ausnahme von
§ 3(1), der sich nach österreichischem Recht
unter Ausschluss der Kollisionsnormen des
internationalen Privatrechts bestimmt.
(2)
Erfüllungsort
(2)
Gerichtsstand
(3)
Zustellungsbevollmächtigter
Place of Performance
Place of performance is Frankfurt, Federal
Republic of Germany.
Nicht-ausschließlicher Gerichtsstand für alle
Rechtsstreitigkeiten aus oder im Zusammenhang
mit den Schuldverschreibungen ist Frankfurt
a.M., Bundesrepublik Deutschland.
(4)
Governing law
The form and contents of the Notes and the rights
and obligations of the Noteholders and the Issuer
shall in each respect be governed by, and
construed in accordance with, German law
without giving effect to the principles of conflict
of laws thereof, provided, however, that § 3(1)
shall be governed by, and construed in
accordance with, Austrian law, without giving
effect to the principles of conflict of laws thereof.
Erfüllungsort ist Frankfurt a.M., Bundesrepublik
Deutschland.
(3)
Notices
Jurisdiction
The courts of Frankfurt, Federal Republic of
Germany shall have non-exclusive jurisdiction
for any disputes, which may arise out of or in
connection with the Notes.
(4)
Die Emittentin hat UNIQA Österreich
Versicherung AG, Richmodstraße 6, 50667 Köln,
als ihren Zustellungsbevollmächtigten in der
Bundesrepublik Deutschland bestellt.
Appointment of Process Agent
The Issuer has appointed UNIQA Österreich
Versicherung AG, Richmodstraße 6, 50667 Köln
as its process agent in the Federal Republic of
Germany.
§ 15
SPRACHE
§ 15
LANGUAGE
Diese Anleihebedingungen sind in deutscher Sprache
abgefasst. Eine Übersetzung in die englische Sprache ist
beigefügt. Der deutsche Wortlaut ist bindend und
maßgeblich. Die Übersetzung in die englische Sprache
ist unverbindlich und dient nur der Information.
These Terms and Conditions are drawn up in the German
language. An English language translation is attached.
The German version shall be binding and decisive. The
English language translation is for convenience and for
information purposes only.
- 87 -
DESCRIPTION OF RULES REGARDING RESOLUTIONS OF HOLDERS
The Terms and Conditions provide that the Noteholders may agree to amendments or decide on other matters relating to
the Notes by way of resolution to be passed by taking votes without a meeting. Any such resolution duly adopted by
resolution of the Noteholders shall be binding on each Noteholder, irrespective of whether such Noteholder took part in
the vote and whether such Noteholder voted in favour or against such resolution.
The following is a brief summary of some of the statutory rules regarding the taking of votes without meetings, the
passing and publication of resolutions as well as their implementation and challenge before German courts.
Specific Rules regarding Votes without Meeting
The voting shall be conducted by the person presiding over the taking of votes. Such person shall be (i) a notary public
appointed by the Issuer, (ii) if the vote was solicited by the joint representative (gemeinsamer Vertreter) of the
Noteholders (the "Noteholders' Representative"), the Noteholders' Representative, or (iii) a person appointed by the
competent court.
The notice soliciting the Noteholders' votes shall set out the period within which votes may be cast. The period shall be
at least 72 hours. During such voting period, the Noteholders may cast their votes to the person presiding over the
taking of votes. Such notice shall also set out in detail the conditions to be met for the votes to be valid.
The person presiding over the taking of votes shall ascertain each Noteholder's entitlement to cast a vote based on
evidence provided by such Noteholder and shall prepare a list of the Noteholders entitled to vote. If it is established that
no quorum exists, the person presiding over the taking of votes may convene a meeting of the Noteholders. Within one
year following the end of the voting period, each Noteholder participating in the vote may request a copy of the minutes
of such vote and any annexes thereto from the Issuer.
Each Noteholder participating in the vote may object in writing to the result of the vote within two weeks following the
publication of the resolutions passed. The objection shall be decided upon by the person presiding over the taking of
votes. If she or he remedies the objection, the person presiding over the taking of votes shall promptly publish the result.
If the person presiding over the taking of votes does not remedy the objection, she or he shall promptly inform the
objecting Noteholder in writing.
The Issuer shall bear the costs of the vote and, if the court has convened a meeting, also the costs of such proceedings.
Rules regarding Noteholders' Meetings applicable to Votes without Meeting
In addition, the statutory rules applicable to the convening and conduct of Noteholders' meetings will apply mutatis
mutandis to any vote without a meeting. The following summarises some of such rules.
Meetings of Noteholders may be convened by the Issuer or the Noteholders' Representative. Meetings of Noteholders
must be convened if one or more Noteholders holding five per cent. or more of the outstanding Notes so require for
specified reasons permitted by statute.
Meetings may be convened not less than 14 days prior to the date of the meeting. Attendance and exercise of voting
rights at the meeting may be made subject to prior registration of Noteholders. The convening notice will provide what
proof will be required for attendance and voting at the meeting.
The convening notice shall promptly (unverzüglich) be made publicly available in the Federal Gazette
(Bundesanzeiger). Furthermore, from the date of the calling of the noteholders' meeting until the date of the meeting
itself, the Issuer shall make available to the noteholders on its website the convening notice and a detailed description of
the conditions on which attendance at the noteholders' meeting and the exercise of voting rights shall depend.
Each Noteholder may be represented by proxy. The Noteholders' meeting will have a quorum if the persons attending
represent at least 50 per cent. of the outstanding Notes by value. If the quorum is not reached, a second meeting may be
convened at which no quorum will be required, provided that where a resolution may only be adopted by a qualified
majority, a quorum requires the presence of at least 25 per cent. of the aggregate principal amount of outstanding Notes.
All resolutions adopted must be properly published. Resolutions which amend or supplement the Terms and Conditions
have to be implemented by supplementing or amending the Global Note.
- 88 -
In insolvency proceedings instituted in Austria against the Issuer, the Noteholders' Representative is obliged and
exclusively entitled to assert the Noteholders' rights under the Notes. Any resolutions passed by the Noteholders are
subject to the provisions of the Austrian Insolvency Code (Insolvenzordnung) and, to the extent applicable, the Austrian
Curator Act (Gesetz betreffend die gemeinsame Vertretung der Rechte der Besitzer von auf Inhaber lautenden oder
durch Indossament übertragbaren Teilschuldverschreibungen und die bücherliche Behandlung der für solche
Teilschuldverschreibungen eingeräumten Hypothekarrechte) and the Austrian Curator Supplemental Act (Gesetz, womit
ergänzende Bestimmungen betreffend die Vertretung der Besitzer von Pfandbriefen oder von auf Inhaber lautenden
oder durch Indossament übertragbaren Teilschuldverschreibungen erlassen werden).
If a resolution constitutes a breach of the statute or the Terms and Conditions, Noteholders may bring an action to set
aside such resolution. Such action must be filed with the competent court within one month following the publication of
the resolution.
- 89 -
TAXATION
The following is a general description of certain tax considerations relating to the Notes in Austria. It does not purport
to be a complete analysis of all tax considerations relating to the Notes. In particular, this description does not consider
any specific facts or circumstances that may apply to a particular purchaser. This description is based on the laws of
Austria currently in force and as applied on the date of this Prospectus, which are subject to change, possibly with
retroactive or retrospective effect.
PROSPECTIVE PURCHASERS OF NOTES SHOULD CONSULT THEIR TAX ADVISERS AS TO THE
CONSEQUENCES, UNDER THE TAX LAWS OF THE COUNTRY IN WHICH THEY ARE RESIDENT FOR
TAX PURPOSES AND UNDER THE TAX LAWS OF AUSTRIA OF ACQUIRING, HOLDING AND DISPOSING
OF NOTES AND RECEIVING PAYMENTS OF PRINCIPAL, INTEREST AND OTHER AMOUNTS UNDER
THE NOTES. THE INFORMATION CONTAINED WITHIN THIS SECTION IS LIMITED TO TAXATION
ISSUES, AND PROSPECTIVE INVESTORS SHOULD NOT APPLY ANY INFORMATION SET OUT BELOW
TO OTHER AREAS; INCLUDING (BUT NOT LIMITED TO) THE LEGALITY OF TRANSACTIONS
INVOLVING THE NOTES.
Austria
This section on taxation contains a brief summary of the Issuer's understanding with regard to certain important
principles which are of significance in connection with the purchase, holding or sale of the Notes in the Republic of
Austria. This summary does not purport to exhaustively describe all possible tax aspects and does not deal with specific
situations which may be of relevance for certain potential investors. The following comments are rather of a general
nature and included herein solely for information purposes. They are not intended to be, nor should they be construed to
be, legal or tax advice. This summary is based on the currently applicable tax legislation, case law and regulations of the
tax authorities, as well as their respective interpretation, all of which may be amended from time to time. Such
amendments may possibly also be effected with retroactive effect and may negatively impact on the tax consequences
described. It is recommended that potential investors in the Notes consult with their legal and tax advisors as to the tax
consequences of the purchase, holding or sale of the Notes. Tax risks resulting from the Notes (in particular from a
potential qualification as equity for tax purposes instead of debt) shall in any case be borne by the investor. For the
purposes of the following it is assumed that the Notes are legally and factually offered to an indefinite number of
persons.
General remarks
Individuals having a domicile (Wohnsitz) and/or their habitual abode (gewöhnlicher Aufenthalt), both as defined in
sec. 26 of the Austrian Federal Fiscal Procedures Act (Bundesabgabenordnung), in Austria are subject to income tax
(Einkommensteuer) in Austria on their worldwide income (unlimited income tax liability; unbeschränkte
Einkommensteuerpflicht). Individuals having neither a domicile nor their habitual abode in Austria are subject to
income tax only on income from certain Austrian sources (limited income tax liability; beschränkte
Einkommensteuerpflicht).
Corporations having their place of management (Ort der Geschäftsleitung) and/or their legal seat (Sitz), both as defined
in sec. 27 of the Austrian Federal Fiscal Procedures Act, in Austria are subject to corporate income tax
(Körperschaftsteuer) in Austria on their worldwide income (unlimited corporate income tax liability; unbeschränkte
Körperschaftsteuerpflicht). Corporations having neither their place of management nor their legal seat in Austria are
subject to corporate income tax only on income from certain Austrian sources (limited corporate income tax liability;
beschränkte Körperschaftsteuerpflicht).
Both in case of unlimited and limited (corporate) income tax liability Austria's right to tax may be restricted by double
taxation treaties.
Income taxation of the Notes
Pursuant to sec. 27(1) of the Austrian Income Tax Act (Einkommensteuergesetz), the term investment income
(Einkünfte aus Kapitalvermögen) comprises:

income from the letting of capital (Einkünfte aus der Überlassung von Kapital) pursuant to sec. 27(2) of the
Austrian Income Tax Act, including dividends and interest;
- 90 -

income from realised increases in value (Einkünfte aus realisierten Wertsteigerungen) pursuant to sec. 27(3) of
the Austrian Income Tax Act, including gains from the alienation, redemption and other realisation of assets
that lead to income from the letting of capital, zero coupon bonds and broken-period interest; and

income from derivatives (Einkünfte aus Derivaten) pursuant to sec. 27(4) of the Austrian Income Tax Act,
including cash settlements, option premiums received and income from the sale or other realisation of forward
contracts like options, futures and swaps and other derivatives such as index certificates.
Regarding Notes not acquired at the same time, but held in the same securities account with the same securities
identification number, generally an average price is determined (cf. sec. 27a(4)(3) of the Austrian Income Tax Act).
Also the withdrawal of the Notes from a bank deposit (Depotentnahme) or circumstances leading to a loss of Austria's
taxation right regarding the Notes vis-à-vis other countries, e.g. a relocation from Austria (Wegzug), or a donation to a
person not resident in Austria, are in general deemed to constitute a sale (cf. sec. 27(6)(1) of the Austrian Income Tax
Act).
Individuals subject to unlimited income tax liability in Austria holding the Notes as non-business assets are subject to
income tax on all resulting investment income pursuant to sec. 27(1) of the Austrian Income Tax Act. The acquisition
costs of the Notes do not include ancillary acquisition costs (Anschaffungsnebenkosten; cf. sec 27a(4)(2) of the Austrian
Income Tax Act). In case of investment income with an Austrian nexus (inländische Einkünfte aus Kapitalvermögen),
basically meaning income paid by an Austrian paying agent (auszahlende Stelle) or an Austrian custodian agent
(depotführende Stelle), the income is subject to withholding tax (Kapitalertragsteuer) of 25%; no additional income tax
is levied over and above the amount of tax withheld (final taxation pursuant to sec. 97(1) of the Austrian Income Tax
Act). In case of investment income without an Austrian nexus, the income must be included in the investor's income tax
return and is subject to income tax at a flat rate of 25%. Expenses and costs (Aufwendungen und Ausgaben) that are
directly connected with income subject to the flat income tax rate of 25% are not tax effective, even in cases where the
individual opts for regular taxation (cf. sec. 20(2) of the Austrian Income Tax Act). In both cases upon application the
option exists to tax all income subject to income tax at the flat rate of 25% at the lower progressive income tax rate
(option to regular taxation pursuant to sec. 27a(5) of the Austrian Income Tax Act). Sec. 27(8) of the Austrian Income
Tax Act, inter alia, provides for the following restrictions on the offsetting of losses: negative income from realised
increases in value and from derivatives may be neither offset against interest and other claims vis-à-vis credit
institutions nor against income from private law foundations and comparable legal estates (privatrechtliche Stiftungen
und damit vergleichbare Vermögensmassen); income subject to income tax at the flat rate of 25% may not be offset
against income subject to the progressive income tax rate (this equally applies in case of an exercise of the option to
regular taxation); negative investment income not already offset against positive investment income may not be offset
against other types of income. Austrian custodian agents mandatorily have to apply loss-offsetting rules (see below). A
carry-forward of losses is not possible.
Individuals subject to unlimited income tax liability in Austria holding the Notes as business assets are subject to
income tax on all resulting investment income pursuant to sec. 27(1) of the Austrian Income Tax Act. In case of
investment income with an Austrian nexus the income is subject to withholding tax of 25%. While withholding tax has
the effect of final taxation for income from the letting of capital, income from realised increases in value and income
from derivatives must be included in the investor's income tax return (nevertheless income tax at the flat rate of 25%).
In case of investment income without an Austrian nexus, the income must always be included in the investor's income
tax return (generally income tax at the flat rate of 25%). In both cases upon application the option exists to tax all
income subject to income tax at the flat rate of 25% at the lower progressive income tax rate (option to regular taxation
pursuant to sec. 27a(5) of the Austrian Income Tax Act). Again, expenses and costs that are directly connected with
income subject to the flat income tax rate of 25% are not tax effective, even in cases where the individual opts for
regular taxation (cf. sec. 20(2) of the Austrian Income Tax Act). Pursuant to sec. 6(2)(c) of the Austrian Income Tax
Act, depreciations to the lower fair market value and losses from the alienation, redemption and other realisation of
financial assets and derivatives in the sense of sec. 27(3) and (4) of the Austrian Income Tax Act, which are subject to
income tax at the flat rate of 25%, are primarily to be offset against income from realised increases in value of such
financial assets and derivatives and with appreciations in value of such assets; only half of the remaining negative
difference may be offset against other types of income (or, as the case may be, carried forward). The Austrian custodian
agent does not automatically implement the offsetting of losses (as mentioned below) with respect to bank deposits that
are not privately held; instead losses are taken into account upon assessment.
Pursuant to sec. 7(2) of the Austrian Corporate Income Tax Act (Körperschaftsteuergesetz), corporations subject to
unlimited corporate income tax liability in Austria are subject to corporate income tax on income in the sense of
sec. 27(1) of the Austrian Income Tax Act from the Notes at a rate of 25%. In the case of income in the sense of
sec. 27(1) of the Austrian Income Tax Act with an Austrian nexus, the income is subject to withholding tax of 25%,
- 91 -
which can be credited against the corporate income tax liability. However, under the conditions set forth in sec. 94(5) of
the Austrian Income Tax Act withholding tax is not levied in the first place. Losses from the alienation of the Notes can
be offset against other income (or, as the case may be, carried forward).
Pursuant to sec. 13(3)(1) in connection with sec. 22(2) of the Austrian Corporate Income Tax Act, private foundations
(Privatstiftungen) pursuant to the Austrian Private Foundations Act (Privatstiftungsgesetz) fulfilling the prerequisites
contained in sec. 13(3) and (6) of the Austrian Corporate Income Tax Act and holding the Notes as non-business assets
are subject to interim taxation at a rate of 25% on interest income, income from realised increases in value and income
from derivatives (inter alia, if the latter are in the form of securities). The acquisition costs of the Notes do not include
ancillary acquisition costs (cf. sec. 7(2) of the Austrian Corporate Income Tax Act in connection with sec. 27a(4)(2) of
the Austrian Income Tax Act). Expenses and costs that are directly connected with investment income are generally not
tax effective (cf. sec. 12(2) of the Austrian Corporate Income Tax Act). Interim tax does not fall due insofar as
distributions subject to withholding tax are made to beneficiaries in the same tax period. In case of investment income
with an Austrian nexus income is in general subject to withholding tax of 25%, which can be credited against the tax
falling due. Under the conditions set forth in sec. 94(12) of the Austrian Income Tax Act withholding tax is not levied.
Individuals and corporations subject to limited (corporate) income tax liability in Austria are taxable on investment
income from the Notes if they have a permanent establishment (Betriebsstätte) in Austria and the Notes are attributable
to such permanent establishment (cf. sec. 98(1)(3) of the Austrian Income Tax Act, sec. 21(1)(1) of the Austrian
Corporate Income Tax Act). Individuals subject to limited income tax liability in Austria are also taxable on interest in
the sense of the Austrian EU Withholding Tax Act (EU-Quellensteuergesetz, see below) from the Notes if withholding
tax is levied on such interest (this does not apply, inter alia, to individuals falling within the scope of the Austrian EU
Withholding Tax Act; cf. sec. 98(1)(5)(b) of the Austrian Income Tax Act).
Pursuant to sec. 93(6) of the Austrian Income Tax Act, the Austrian custodian agent is obliged to automatically offset
negative investment income against positive investment income, taking into account all of a taxpayer's bank deposits
with the custodian agent. If negative and at the same time or later positive income is earned, then the negative income is
to be offset against the positive income. If positive and later negative income is earned, then withholding tax on the
positive income is to be credited, with such tax credit being limited to 25% of the negative income. In certain cases the
offsetting is not permissible. The custodian agent has to issue a written confirmation on each offsetting of losses.
EU withholding tax
Sec. 1 of the Austrian EU Withholding Tax Act – implementing Council Directive 2003/48/EC of 3 June 2003 on
taxation of savings income in the form of interest payments – provides that interest payments paid or credited by an
Austrian paying agent (Zahlstelle) to a beneficial owner who is an individual resident in another EU Member State (or
in certain dependent or associated territories, which currently include Anguilla, Aruba, the British Virgin Islands,
Curaçao, Guernsey, the Isle of Man, Jersey, Montserrat, Sint Maarten and the Turks and Caicos Islands) are subject to
EU withholding tax (EU-Quellensteuer) of 35%. Sec. 10 of the Austrian EU Withholding Tax Act provides for an
exemption from EU withholding tax if the beneficial owner presents to the paying agent a certificate drawn up in his/her
name by the competent authority of his/her EU Member State of residence for tax purposes, indicating the name,
address and tax or other identification number or, failing such, the date and place of birth of the beneficial owner, the
name and address of the paying agent, and the account number of the beneficial owner or, where there is none, the
identification of the security; such certificate shall be valid for a period not exceeding three years. Pursuant to Council
Directive 2014/107/EU of 9 December 2014 amending Directive 2011/16/EU as regards mandatory automatic exchange
of information in the field of taxation, interest, dividends and similar types of income as well as account balances and
sales proceeds from financial assets shall in general be automatically exchanged as of 1 January 2016 with respect to
taxable periods as from that date. Although Austria only will have to apply these provisions from 1 January 2017 with
respect to taxable periods as from that date, it announced that it will not make full use of the derogation and will already
exchange information on new accounts opened during the period 1 October 2016 to 30 December 2016 by 30
September 2017. While it was expected that changes to the EU Withholding Tax Act – implementing Council Directive
2014/48/EU of 24 March 2014 amending Directive 2003/48/EC on taxation of savings income in the form of interest
payments – would enter into effect by 1 January 2017, on 18 March 2015 the European Commission published a
proposal for a Council Directive repealing Council Directive 2003/48/EC. Pursuant thereto, Council Directive
2003/48/EC shall in general be repealed with effect from 1 January 2016. However, pursuant to detailed grandfathering
provisions, Austria shall in general continue to apply it until 31 December 2016.
Tax treaties Austria/Switzerland and Austria/Liechtenstein
The Treaty between the Republic of Austria and the Swiss Confederation on Cooperation in the Areas of Taxation and
Capital Markets and the Treaty between the Republic of Austria and the Principality of Liechtenstein on Cooperation in
- 92 -
the Area of Taxation provide that a Swiss, respectively Liechtenstein, paying agent has to withhold a tax amounting to
25% on, inter alia, interest income, dividends and capital gains from assets booked with an account or deposit of such
Swiss, respectively Liechtenstein, paying agent if the relevant holder of such assets (i.e. in general individuals on their
own behalf and as beneficial owners of assets held by a domiciliary company (Sitzgesellschaft)) is tax resident in
Austria. The same applies to such income from assets managed by a Liechtenstein paying agent if the relevant holder of
the assets (i.e. in general individuals as beneficial owners of a transparent structure) is tax resident in Austria. For
Austrian income tax purposes this withholding tax has the effect of final taxation regarding the underlying income if the
Austrian Income Tax Act provides for the effect of final taxation for such income. The treaties, however, do not apply
to interest covered by the agreements between the European Community and the Swiss Confederation, respectively the
Principality of Liechtenstein, regarding Council Directive 2003/48/EC on taxation of savings income in the form of
interest payments. The taxpayer can opt for voluntary disclosure instead of the withholding tax by expressly authorising
the Swiss, respectively Liechtenstein, paying agent to disclose to the competent Austrian authority the income, which
subsequently has to be included in the income tax return.
Austrian inheritance and gift tax
Austria does not levy inheritance or gift tax.
Certain gratuitous transfers of assets to private law foundations and comparable legal estates are subject to foundation
transfer tax (Stiftungseingangssteuer) pursuant to the Austrian Foundation Transfer Tax Act
(Stiftungseingangssteuergesetz) if the transferor and/or the transferee at the time of transfer have a domicile, their
habitual abode, their legal seat or their place of management in Austria. Certain exemptions apply in cases of transfers
mortis causa of financial assets within the meaning of sec. 27(3) and (4) of the Austrian Income Tax Act (except for
participations in corporations) if income from such financial assets is subject to income tax at the flat rate of 25%. The
tax basis is the fair market value of the assets transferred minus any debts, calculated at the time of transfer. The tax rate
generally is 2.5%, with a higher rate of 25% applying in special cases. Special provisions apply to transfers of assets to
entities falling within the scope of the tax treaty between Austria and Liechtenstein.
In addition, there is a special notification obligation for gifts of money, receivables, shares in corporations,
participations in partnerships, businesses, movable tangible assets and intangibles if the donor and/or the donee have a
domicile, their habitual abode, their legal seat or their place of management in Austria. Not all gifts are covered by the
notification obligation: In case of gifts to certain related parties, a threshold of EUR 50,000 per year applies; in all other
cases, a notification is obligatory if the value of gifts made exceeds an amount of EUR 15,000 during a period of five
years. Furthermore, gratuitous transfers to foundations falling under the Austrian Foundation Transfer Tax Act
described above are also exempt from the notification obligation. Intentional violation of the notification obligation may
trigger fines of up to 10% of the fair market value of the assets transferred.
Further, gratuitous transfers of the Notes may trigger income tax at the level of the transferor pursuant to sec. 27(6)(1)
of the Austrian Income Tax Act (see above).
Austrian Tax Reform Act 2015/2016
Recently the Austrian Ministry of Finance published draft bills of the Austrian Tax Reform Act 2015/2016
(Steuerreformgesetz 2015/2016) and of the Austrian Federal Constitutional Act on the Amendment of the Austrian Act
on Final Taxation (Bundesverfassungsgesetz zur Änderung des Endbesteuerungsgesetzes). The draft bills provide that as
of 1 January 2016, instead of the uniform special income tax rate of currently 25%, two special income tax rates shall be
applicable, namely a special income tax rate of 25% on income from interest and other claims vis-à-vis credit
institutions and a special income tax rate of 27.5% on all other investment income (save for investment income subject
to the progressive income tax rate). This would, inter alia, mean that as of 1 January 2016 individuals subject to
unlimited income tax liability in Austria would be subject to withholding tax at a rate of 27.5% on investment income
with an Austrian nexus from the Notes and to the special tax rate of 27.5% on investment income without an Austrian
nexus from the Notes.
- 93 -
SUBSCRIPTION AND SALE OF THE NOTES
Pursuant to a subscription agreement dated 21 July 2015 (the "Subscription Agreement") among the Issuer and the
Managers, the Issuer has agreed to sell to BNP Paribas, J.P. Morgan Securities plc, Morgan Stanley & Co.
International plc and Raiffeisen Bank International AG (together, the "Joint Lead Managers"), and the Joint Lead
Managers have agreed, subject to certain customary closing conditions, to purchase, the Notes on 27 July 2015. The
Issuer has furthermore agreed to pay certain commissions to the Joint Lead Managers and to reimburse the Joint Lead
Managers for certain expenses incurred in connection with the issue of the Notes. Commissions may be payable by the
Joint Lead Managers to certain third party intermediaries in connection with the initial sale and distribution of the
Notes.
The Subscription Agreement provides that the Joint Lead Managers under certain circumstances will be entitled to
terminate the Subscription Agreement. In such event, no Notes will be delivered to investors. Furthermore, the Issuer
has agreed to indemnify the Joint Lead Managers against certain liabilities in connection with the offer and sale of the
Notes.
The Joint Lead Managers or their respective affiliates, including parent companies, engage, and may in the future
engage, in investment banking, commercial banking (including the provision of loan facilities) and other related
transactions with the Issuer and its affiliates and may perform services for them, for which the Joint Lead Managers or
their affiliates have received or will receive customary fees and commissions, in each case in the ordinary course of
business.
There are no interests of natural and legal persons involved in the issue, including conflicting ones, that are material to
the issue.
- 94 -
SELLING RESTRICTIONS
General
In addition to the specific restrictions set out below, the Joint Lead Managers have agreed that they will comply with all
applicable laws and regulations in each jurisdiction in or from which they may offer Notes or distribute any offering
material relating to them.
United States of America
The Notes have not been and will not be registered under the Securities Act, and may not be offered or sold within the
United States or to, or to the account of benefit of, U.S. persons except in transactions exempt from the registration
requirements of the Securities Act. Terms used in this paragraph have the meanings given to them by Regulation S
under the Securities Act.
The Notes are subject to U.S. tax law requirements and may not be offered, sold or delivered within the United States or
its possessions or to a United States person, except in certain transactions permitted by the U.S. tax regulations. Terms
used in this paragraph have the meanings given to them by the U.S. Internal Revenue Code of 1986 and regulations
thereunder.
Each Joint Lead Manager has represented and agreed that except as permitted by the Subscription Agreement, it has not
offered, sold or delivered and will not offer, sell or deliver any Notes (i) as part of their distribution and any time or (ii)
otherwise until 40 days after the later of the commencement of the offering and the issue date, within the United States
or to, for the account of benefit of, U.S. persons, and will have sent to each dealer to which it sells the Notes during the
distribution compliance period a confirmation or other notice setting forth the restrictions on offers and sales of the
Notes within the United States or to, or for the account or benefit of, U.S. persons. Terms used in this paragraph have
the meanings given to them by Regulation S.
In addition, until 40 days after the commencement of the offering of the Notes, an offer or sale of the Notes within the
United States by any dealer (whether or not participating in the offering) may violate the registration requirements of
the Securities Act
United Kingdom
Each Joint Lead Manager has represented and agreed that:
(a)
it has only communicated or caused to be communicated and will only communicate or cause to be
communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21
of the Financial Services and Markets Act 2000 (the "FSMA") received by it in connection with the issue or
sale of the Notes in circumstances in which Section 21(1) of the FSMA does not apply to the Issuer; and
(b)
it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it
in relation to the Notes in, from or otherwise involving the United Kingdom.
- 95 -
GENERAL INFORMATION / INCORPORATION BY REFERENCE
Authorisation and Issue Date
The creation and issue of the Notes has been authorised by a resolution of the Issuer's Group Executive Board dated
17 July 2015 by a resolution of its Supervisory Board dated 1 June 2015 and a resolution of the Working Committee of
its Supervisory Board dated 20 July 2015. The Issue Date of the Notes is expected to be 27 July 2015.
Clearing and Settlement
The Notes have been accepted for clearing by Clearstream Banking société anonyme, 42 Avenue JF Kennedy, L-1855
Luxembourg, Luxembourg and Euroclear Bank SA/NV 1, Boulevard du Roi Albert II, 1210 Brussels, Belgium. The
Notes have been assigned the following securities codes: ISIN XS1117293107, Common Code 111729310,
WKN A1Z4M5.
Listing and admission to trading
Application has been made for the Notes to be listed and admitted to trading on the Geregelter Freiverkehr (Second
Regulated Market) of the Vienna Stock Exchange (Wiener Börse), which is a regulated market for the purposes of
Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on Markets in Financial
Instruments, as amended. The listing and admission to trading of the Notes is expected to be effective from the Issue
Date on. The aggregate fees in connection with the admission to trading are expected to amount to approximately
EUR 5,900.
Use of Proceeds
In connection with the issue of the Notes, the Issuer will receive proceeds of approximately EUR 498,500,000. The
Issuer intends to use the proceeds of the issue of the Notes to strengthen its Solvency II Tier 2 capital within the
UNIQA Group and for its other general corporate purposes.
Ratings and yield
Standard & Poor's Credit Market Services Europe Limited (Niederlassung Deutschland) assigned to the Issuer a "A-"
rating with a stable outlook on 6 November 2014.1 The yield of the Notes cannot be indicated in advance.
Third party information
Any information sourced from a third party contained in this Prospectus has been accurately reproduced and as far as
the Issuer is aware and is able to ascertain from information published by that third party, no facts have been omitted
which would render the reproduced information inaccurate or misleading.
1
Standard & Poor's Credit Market Services Europe Limited (Niederlassung Deutschland) is established in the European Community and is
registered under Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies,
amended by Regulation (EC) No 513/2011 of the European Parliament and of the Council of 11 March 2011 (the "CRA Regulation"). The
European Securities and Markets Authority publishes on its website (www.esma.europa.eu/page/List-registered-and-certified-CRAs) a list of credit
rating agencies registered in accordance with the CRA Regulation. That list is updated within five working days following the adoption of a
decision under Article 16, 17 or 20 CRA Regulation. The European Commission shall publish that updated list in the Official Journal of the
European Union within 30 days following such update.
- 96 -
Documents on Display
For the time of the validity of the Prospectus, copies of the following documents may be inspected during normal
business hours at the specified office of the Issuer and documents set out under (b) and (c) below will be available on
the website of the Issuer (www.uniqagroup.com):
(a)
the articles of association of the Issuer;
(b)
the Prospectus; and
(c)
the documents incorporated by reference set out above.
- 97 -
INCORPORATION BY REFERENCE
The pages set out in the below table of the following documents are incorporated by reference into this Prospectus:
(1)
(2)
(3)
The audited consolidated financial statements of the Issuer as of and for the year ending on 31 December 2014
(English translation from the German language):

Consolidated Statement of Financial Position as at 31 December 2014 (pages 76 – 77 of the UNIQA
Group Report 2014);

Consolidated Income Statement from 1 January to 31 December 2014 (page 78 of the UNIQA Group
Report 2014);

Consolidated Statement of Comprehensive Income from 1 January to 31 December 2014 (page 79 of
the UNIQA Group Report 2014);

Consolidated Statement of Cash Flows from 1 January to 31 December 2014 (page 83 of the UNIQA
Group Report 2014);

Consolidated Statement of Changes in Equity (pages 84 – 85 of the UNIQA Group Report 2014);

Notes to the Consolidated Financial Statements (pages 86 – 207 of the UNIQA Group Report 2014);
and

Auditor's Report (pages 208 – 209 of the UNIQA Group Report 2014).
The audited consolidated financial statements of the Issuer as of and for the year ending on 31 December 2013
(English translation from the German language):

Consolidated Balance Sheet as at 31 December 2013 (pages 60 – 61 of the UNIQA Group Report
2013);

Consolidated Income Statement from 1 January to 31 December 2013 (page 62 of the UNIQA Group
Report 2013);

Consolidated Comprehensive Income Statement from 1 January to 31 December 2013 (page 63 of the
UNIQA Group Report 2013);

Consolidated Cash Flow Statement from 1 January to 31 December 2013 (page 67 of the UNIQA
Group Report 2013);

Development of Group Equity (pages 68 – 69 of the UNIQA Group Report 2013);

Notes to the Group Financial Statements (pages 70 – 197 of the UNIQA Group Report 2013); and

Auditor's Opinion (pages 198 – 199 of the UNIQA Group Report 2013).
The unaudited consolidated interim financial statements of the Issuer as of and for the period ending
31 March 2015 (English translation from the German language) (the "Q1 2015 Report"):

Consolidated Statement of Financial Position as at 31 March 2015 (pages 14 – 15 of the 1st Quarter
Report 2015);

Consolidated Statement of Changes in Equity (page 16 of the 1st Quarter Report 2015);

Consolidated Income Statement from 1 January 2015 to 31 March 2015 (page 17 of the 1st Quarter
Report 2015);

Consolidated Statement of Comprehensive Income from 1 January 2015 to 31 March 2015 (page 18
of the 1st Quarter Report 2015);

Consolidated Statement of Cash Flows from 1 January 2015 to 31 March 2015 (page 19 of the
1st Quarter Report 2015); and

Notes to the Consolidated Financial Statements (pages 28 – 34 of the 1st Quarter Report 2015).
- 98 -
Any information not incorporated by reference into this Prospectus but contained in one of the documents mentioned as
source documents in the cross reference list above is either not relevant for the investor or covered in another part of
this Prospectus.
The
documents
incorporated
by reference
are
available
on the
website
of the
Issuer
(http://www.uniqagroup.com/gruppe/versicherung/services/downloads/Downloads.en.html) for the time of the validity
of the Prospectus.
- 99 -
RESPONSIBILITY STATEMENT
OF UNIQA INSURANCE GROUP AG
UNIQA Insurance Group AG, with its registered office at Untere Donaustraße 21, 1029 Vienna, Austria, is solely
responsible for the information given in this Prospectus.
The Issuer hereby declares that, having taken all reasonable care to ensure that such is the case, the information
contained in this Prospectus is, to the best of the knowledge of the Issuer, in accordance with the facts and contains no
omission likely to affect its import.
Pursuant to Section 8 paragraph 1 Capital Market Act
hereby signs as issuer
________________________________
____________________________
KURT SVOBODA
ERICH KRUSCHITZ
Chief Financial and Risk Officer
Head of Group Finance
Vienna, on 21 July 2015
- 100 -
NAMES AND ADDRESSES
ISSUER
Untere Donaustraße 21
1029 Vienna
Republic of Austria
JOINT LEAD MANAGERS
BNP Paribas
10 Harewood Avenue
London NW1 6AA
United Kingdom
J.P. Morgan Securities plc
25 Bank street
Canary Wharf
London E14 5JP
United-Kingdom
Morgan Stanley & Co.
International plc
25 Cabot Square
Canary Wharf
London E14 4QA
United Kingdom
Am Stadtpark 9
1030 Vienna
Austria
PRINCIPAL PAYING AGENT
LISTING AGENT
BNP Paribas Securities Services,
Luxembourg Branch
33, rue de Gasperich
Hesperange
L-5826 Luxembourg
Am Stadtpark 9
1030 Vienna
Austria
LEGAL ADVISERS
To the Issuer (as to Austrian law)
WOLF THEISS Rechtsanwälte GmbH & Co KG
Schubertring 6
1010 Vienna
Austria
To the Joint Lead Managers (as to German law)
To the Joint Lead Managers (as to Austrian law)
Linklaters LLP
Mainzer Landstraße 16
60325 Frankfurt am Main
Germany
Binder Grösswang Rechtsanwälte GmbH
Sterngasse 13
1010 Vienna
Austria
AUDITORS
PWC Wirtschaftsprüfung GmbH
Erdbergstraße 200
1030 Vienna
Austria

Prospect Subordinated Notes

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